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TASEconomicsQuick questions
Microeconomics
Quick questions on Elasticity - TCE Economics (Tasmania)
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is price elasticity of demand (PED)?Show answer
PED measures how quantity demanded responds to a change in the good's own price.
What is income elasticity of demand (YED)?Show answer
YED measures how demand responds to a change in income.
What is cross elasticity of demand (XED)?Show answer
XED measures how the demand for one good responds to a change in the price of another.
What is price elasticity of supply (PES)?Show answer
PES measures how quantity supplied responds to price.
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