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Economics > Elasticities > Flashcards

Elasticities Flashcards

1
Q

What is PED, PES, YED and XED?

A
  • Price elasticity of demand
  • Price elasticity of supply
  • Income elasticity of supply
  • Cross elasticity of demand
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2
Q

What is PED and how is it calculated?

A

Price elasticity of demand (PED) is a measure of the responsiveness of QD to a change in the price of a good.

PED = % Change in QD / % Change in Price

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3
Q

What is PES and how is it calculated?

A

Price elasticity of supply (PES) is a measure of the responsiveness of QS to a change in the price of a good.

PES = % Change in QS / % Change in Price

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4
Q

What is YED and how is it calculated?

A

Income elasticity of demand (YED) is a measure of the responsiveness of QD to a change in Incomes.

YED = % Change in QD / % Change in Income

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5
Q

What is XED and how is it calculated?

A

Cross elasticity of demand (XED) is a measure of the responsiveness of QD for one good to a change in price of another good.

XED = % Change in QD of good A / % change in price of good B

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6
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Economics (11 decks)

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