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Table 4.1 Factors That Shift the Demand Curve
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Table 4.2 Factors That Shift the Supply Curve
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The Elasticity of Demand
Measure of the responsiveness of quantity demanded or quantity supplied Percentage change in quantity demanded (∆Qd/Qd) Percentage change in quantity supplied (∆Qs/Qs) To a change in one of its determinants Demand-side (own) price <-> demand elasticity (∆Qx/Qx)/ (∆Px/Px ) Price of substitute/complement <-> cross-price (∆Qx/Qx)/(∆Py/Py ) Income <-> income elasticity ((∆Qx/Qx)/ (∆I/I )
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