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Khan Academy: Lesson Overview Cross Price Elasticity/income Elasticity of Demand

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In a previous lesson we learned about price elasticity of demand, but there are many other types of elasticity that measure how agents respond to variables other than the change in a good's price. Two of these are Cross Price Elasticity of Demand and Income Elasticity of Demand. The sign of each of these conveys important information about the good.

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Concepts
income
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cross price elasticity of demand, income elasticity of demand, key equations, khan academy, khan academy: lesson overview-cross price elasticity, normal and inferior goods, substitutes and complements, luxury and necessity, price elasticity of demand, uses of income
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Classroom Considerations
  • Knovation Readability Score: 4 (1 low difficulty, 5 high difficulty)