{"id":291,"date":"2010-10-30T21:45:20","date_gmt":"2010-10-31T03:45:20","guid":{"rendered":"http:\/\/opengecko.com\/economics\/ib-economics\/microeconomics\/2-2-elasticities\/"},"modified":"2010-10-30T21:45:20","modified_gmt":"2010-10-31T03:45:20","slug":"2-2-elasticities","status":"publish","type":"page","link":"https:\/\/opengecko.com\/geckoview\/economics\/ib-economics\/microeconomics\/2-2-elasticities\/","title":{"rendered":"2.2 Elasticities"},"content":{"rendered":"

Price elasticity of demand (PED)<\/strong><\/p>\n\n\n\n\n\n\n\n\n
Formula<\/td>\nhttp:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n
\n

Definition<\/p>\n<\/td>\n

http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n
Possible range of values<\/td>\nhttp:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n
Diagrams illustrating the range of values of elasticity<\/td>\nhttp:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n
Varying elasticity along a straight-line D curve<\/td>\nhttp:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n
Determinants of price elasticity of demand<\/td>\nhttp:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Cross-elasticity of demand<\/strong><\/p>\n\n\n\n\n\n
Definition<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n
Formula<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n
Significance of sign with respect to complements and substitutes<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Income elasticity of demand<\/strong><\/p>\n\n\n\n\n\n\n
Definition<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n
Formula<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n
Normal goods<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n
Inferior goods<\/td>\nhttp:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Price elasticity of supply<\/strong><\/p>\n\n\n\n\n\n\n\n
Definition<\/td>\nhttp:\/\/opengecko.com\/igcse-economics\/price-elasticity-of-supply\/<\/a><\/td>\n<\/tr>\n
\n

Formula<\/p>\n<\/td>\n

http:\/\/opengecko.com\/igcse-economics\/price-elasticity-of-supply\/<\/a><\/td>\n<\/tr>\n
Possible range of values<\/td>\nhttp:\/\/opengecko.com\/igcse-economics\/price-elasticity-of-supply\/<\/a><\/td>\n<\/tr>\n
Diagrams illustrating the range of values of elasticity<\/td>\nhttp:\/\/opengecko.com\/igcse-economics\/price-elasticity-of-supply\/<\/a><\/td>\n<\/tr>\n
Determinants of price elasticity of supply<\/td>\nhttp:\/\/opengecko.com\/igcse-economics\/price-elasticity-of-supply\/<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Applications of concepts of elasticity<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
PED and business decisions: the effect of price changes on total revenue<\/td>\n <\/td>\n<\/tr>\n
PED and taxation<\/td>\n <\/td>\n<\/tr>\n
Cross-elasticity of demand: relevance for firms<\/td>\n <\/td>\n<\/tr>\n
\n

Significance of income elasticity for sectoral change (primary > secondary >
tertiary) as economic growth occurs<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
Flat rate and ad valorem taxes Higher level extension topic<\/strong><\/font><\/td>\n<\/font><\/td>\n<\/tr>\n
Incidence of indirect taxes and subsidies on the producer and consumer Higher level extension topic<\/strong><\/font><\/td>\n<\/font><\/td>\n<\/tr>\n
\n

Implication of elasticity of supply and demand for the incidence (burden) of taxation Higher level extension topic<\/strong><\/font><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

See also:<\/p>\n

http:\/\/opengecko.com\/economics\/a-song-about-elasticity\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Price elasticity of demand (PED) Formula http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Definition http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Possible range of values http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Diagrams illustrating the range of values of elasticity http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Varying elasticity along a straight-line D curve http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Determinants of price elasticity of demand http:\/\/opengecko.com\/economics\/price-elasticity-of-demand\/ Cross-elasticity of demand Definition http:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/ Formula http:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/ Significance of sign with respect to complements and substitutes http:\/\/opengecko.com\/economics\/cross-price-elasticity-and-income-elasticity\/…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":182,"menu_order":2,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"tags":[],"class_list":["post-291","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/pages\/291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=291"}],"version-history":[{"count":0,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/pages\/291\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/pages\/182"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=291"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}