Problem 1: What is price elasticity of demand? How do you calculate it?
Problem 2: What are the factors that affect the price elasticity of demand?
Problem 3: What is price elasticity of supply? How do you calculate it?
Problem 4: What are the factors that affect the price elasticity of supply?
Problem 5: What is income elasticity of demand? How do you calculate it?
Problem 6: If income elasticity of demand is positive, then the good is______. If it is negative, the good is __________.
Problem 7: What is cross price elasticity of demand?
Problem 8: If cross elasticity between two goods is positive, what can you say about the two goods? What if it is negative?
In depth explanation