Other Elasticities
AP Microeconomics · Flashcards · Application
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Find the cross-price elasticity if demand for good A decreases 20% when price of good B increases 10%.
QUESTION
Calculate the price elasticity of supply if supply increases 20% with a 10% price increase.
QUESTION
Calculate income elasticity if demand decreases 5% as income increases 10%.
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ANSWER
-0.5.
−
5
%
10
%
=
−
0.5
\frac{-5\%}{10\%} = -0.5
10%
−
5%
=
−
0.5
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