Section 2
Other Demand Elasticities
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![Thumbnail](../../../../../../figures.boundless-cdn.com/19957/raw/city-of-demand-complements.jpg)
Cross-Price Elasticity of Demand
The cross-price elasticity of demand measures the change in demand for one good in response to a change in price of another good.
![Thumbnail](../../../../../../figures.boundless-cdn.com/19980/square/incomeelasticity.jpeg)
Income Elasticity of Demand
The income elasticity of demand measures the responsiveness of the demand for a good or service to a change in income.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20112/square/arc-elasticity.jpeg)
Calculating Elasticities
The basic elasticity formula has shortcomings which can be minimized by using the midpoint method or calculating the point elasticity.