Numerical Measures of Elasticity Flashcards
1
Q
Cross-Price: Complements
A
E < 0
2
Q
Cross-Price: Substitutes
A
E > 0
3
Q
Cross-Price: Unrelated
A
E = 0
4
Q
Income: Inferior Good
A
E < 0
5
Q
Income: Normal Good (Luxury)
A
E > 0
6
Q
Income: Normal Good (Necessity)
A
0 < E < 1
