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Economics Lecture Five (view source)

Revision as of 17:13, March 20, 2013

17 bytes added ,  17:13, March 20, 2013
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Mathematically, cross elasticity is as follows:
 
Mathematically, cross elasticity is as follows:
   −
:<math>Xed = \frac{% \Delta (Quantity_demanded_of_good_Y)}{% \Delta (Price_change_in_good_X)}</math>
+
:<math>Xed = \frac{% \Delta (Quantity\:demanded\:of\:good\:Y)}{% \Delta (Price\:change\:in\:good\:X)}</math>
    
'''''Note that cross elasticity is different from price elasticity in that cross elasticity is comparing the change in demand for one good in response to the change in price of another good'''''.
 
'''''Note that cross elasticity is different from price elasticity in that cross elasticity is comparing the change in demand for one good in response to the change in price of another good'''''.
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Mathematically, income elasticity is as follows:
 
Mathematically, income elasticity is as follows:
   −
:<math>Yed = \frac{% \Delta (Quantity_demanded_of_good)}{% \Delta (Change_in_income_of_buyers_of_good)}</math>
+
:<math>Yed = \frac{% \Delta (Quantity\:demanded\:of\:good)}{% \Delta (Change\:in\:income\:of\:buyers\:of\:good)}</math>
    
=== Supply Elasticity ===
 
=== Supply Elasticity ===
Aschlafly
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