Elasticity - INOMICS Study Guide

Elasticity is an important series of concepts that defines how people respond to price changes. There are many different but closely related elasticity concepts. The INOMICS Elasticity Study Guide will help you learn about the different types of elasticity discussed in economics courses.

The Study Guide contains articles that introduce and explain the different uses of elasticity in economics. Each article is followed by short quiz questions that will test your understanding. Finally an overall assessment tests content covered in the entire Study Guide.

Topics Covered:

• Elasticity and Inelasticity
• Income Elasticity of Demand
• Price Elasticity of Demand
• Cross Elasticity of Demand
• Normal & Luxury Goods
• Inferior & Giffen Goods
• Price Elasticity of Supply
• Elasticity of Substitution