Ch 1 · Theory of Demand and Supply

🧮 Formula sheet

1. 1.Price Elasticity (Ed) = (% Change in Qty Demanded) / (% Change in Price)
2. 2.Income Elasticity = (% Change in Q) / (% Change in Income)
3. 3.Cross Elasticity = (% Change in Qx) / (% Change in Py)
4. 4.Equilibrium: Quantity Demanded = Quantity Supplied