Assertion: income elasticity | /r/CapableOf | explain the difference
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text: Key Terms Exercises Learning Objectives Know what is meant by elasticity Explain the relationship between price elasticity of demand and total revenue Explain what is meant by elastic, inelastic and unit elastic demand and supply Calculate elasticities Understand the difference between point elasticity and arc elasticity Interpret elasticities including the price elasticity of supply, the cross price elasticity of demand, and the income elasticity of demand Explain the difference between short-run and long-run supply Contents Elasticity: