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Learning Objectives
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After reading this chapter, you should be able to:

  • Use the terms price elasticity of supply and price elasticity of demand to describe the responsiveness of quantity supplied and quantity demanded to changes in price.
  • Calculate elasticity graphically and numerically.
  • Distinguish five elasticity terms that are used to differentiate varying degrees of responsiveness.
  • Explain the importance of substitution in determining elasticity of supply and demand.
  • Relate price elasticity of demand to total revenue.
  • State how other elasticity concepts are useful in describing the effect of shift factors on demand.
  • Explain how the concept of elasticity makes supply and demand analysis more useful.





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