Other Elasticities
AP Microeconomics · Flashcards · Recall
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Identify the type of elasticity:
E
x
y
=
−
1.5
E_{xy} = -1.5
E
x
y
=
−
1.5
QUESTION
State the relationship between two goods when cross-price elasticity is positive.
QUESTION
Identify the type of elasticity:
E
i
=
1.2
E_{i} = 1.2
E
i
=
1.2
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ANSWER
Income elasticity indicating a luxury good. Greater than 1 indicates luxury good classification.
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