elasticity:
it is a numerical estimate
it measures the response to a change in any other factors that determine the demand or supply of a product
PED:price elasticity of demand
definition:the responsiveness of the quantity demanded to a change in the price of the product.
PES:price elasticity of supply
definition:the responsiveness of the quantity supplied to a change in the price of the product.
XED:cross elasticity of demand
definition:the responsiveness of demand for one product in relation to a change in the price of another product.
YED:income elasticity of demand
definition:the responsiveness of demand to a change in income.
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