Between points A and B, what is the slope?

Understand what elasticity of supply is. Learn more about price elasticity of supply. Know about elastic and inelastic supply with some elastic supply examples.

In microeconomics, shifts in supply and demand curves occur due to changes in demand and supply for goods or services caused by different factors like changes in consumers' disposable income. Determine the microeconomic shift factors of supply and demand curves, and understand their impact on equilibrium and prices paid by consumers.

Elasticity in economics is the change in price for some item depending on the performance of some other relevant thing. Take a look at three different elasticity examples in economics using price, income, and cross-price models.

In microeconomics, the principle of income elasticity of demand, which illustrates the relationship between demand and income, is important to understand the field as a whole. In this lesson, dive into the definition of income elasticity of demand and understand how it impacts normal goods, necessities, and inferior goods.