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Chapter 5: Elasticity and Its Application Principles of ...

Chapter 5: Elasticity and Its Application Principles of Economics, 8th Edition N. Gregory Mankiw Page 1 1. Introduction a. Elasticity is a concept with broad applications in economics. b. It is the percentage change, usually in quantity, due to a percentage change in something else.

The income elasticity of demand is a measure of how much the quantity demanded of a goo d responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income. P. 98 (1) Necessities have low and luxuries high income elasticities.

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Now, the coefficient of elasticity of demand is minus 4. Thus, it could be concluded that there is a four per cent increase in the quantity demanded of orange due to one per cent decrease in its price. a) Types of Elasticity of Demand: Price elasticity of demand is classified under the following five sub heads:

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