Content

A) Price Elasticity of Demand
v  Meaning
v  Calculation
v  Elastic Demand and Inelastic Demand
v  Degrees of Elasticity of Demand
v  Factors affecting Price Elasticity of Demand
v  Practical Importance of Price Elasticity of Demand

B) Income Elasticity of Demand
v  Normal Goods
v  Inferior Goods
v  Necessities

C) Cross Elasticity of Demand
v  Substitutes
v  Complements

D) Elasticity of Supply
v  Meaning
v  Elastic Supply and Inelastic Supply
v  Degrees of Elasticity of Supply
v  Relationship between price and quantity supplied