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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 23 of 25

Topic: Four Measures <=PAGE BACK | PAGE NEXT=>

The four specific elasticity measurements that are most important for our study of the market are:
  • The price elasticity of demand.
    • The percentage change in quantity demanded resulting from a percentage in price.
  • The price elasticity of supply.
    • The percentage change in quantity supplied resulting from a percentage in price.
  • The income elasticity of demand.
    • The percentage change in demand resulting from a percentage in income.
  • The cross elasticity of demand.
    • The percentage change in demand resulting from a percentage in the price of another good

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MARKET ADJUSTMENT

The economic analysis of changes in market equilibrium caused by changes in any of the five demand determinants and/or the five supply determinants. Market adjustment comes in one of eight varieties, given that the two curves comprising the market (demand curve and supply curve) can either increase or decrease, individually or simultaneously. Four adjustments involve a shift of EITHER the demand curve OR the supply curve. The other four adjustments involve shifts of BOTH the demand curve AND the supply curve.

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