Chapter Introduction
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MODULE 48
Other Important Elasticities
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48Other Important Elasticities
In this Module, you will learn to:
Measure the responsiveness of demand for one good to changes in the price of another good using the cross-
price elasticity of demand Measure the responsiveness of demand to changes in income using the income elasticity of demand
Explain the significance of the price elasticity of supply, which measures the responsiveness of the quantity supplied to changes in price
Identify and describe the factors that influence the size of these various elasticities