Price Elasticity Calculator - Economics Analysis

Initial Values

Initial Price ($):

Initial Quantity Demanded:

New Values

New Price ($):

New Quantity Demanded:

Price Elasticity of Demand Results

Price Change (%): 0%

Quantity Change (%): 0%

Price Elasticity of Demand: 0

Interpretation:

Initial Values

Initial Price ($):

Initial Quantity Supplied:

New Values

New Price ($):

New Quantity Supplied:

Price Elasticity of Supply Results

Price Change (%): 0%

Quantity Change (%): 0%

Price Elasticity of Supply: 0

Interpretation:

Good X (Reference Good)

Initial Price of Good X ($):

New Price of Good X ($):

Good Y (Affected Good)

Initial Quantity of Good Y:

New Quantity of Good Y:

Cross-Price Elasticity Results

Price Change of X (%): 0%

Quantity Change of Y (%): 0%

Cross-Price Elasticity: 0

Interpretation:

Initial Values

Initial Income ($):

Initial Quantity Demanded:

New Values

New Income ($):

New Quantity Demanded:

Income Elasticity of Demand Results

Income Change (%): 0%

Quantity Change (%): 0%

Income Elasticity of Demand: 0

Interpretation:

Understanding Price Elasticity

Price Elasticity of Demand: Measures how responsive quantity demanded is to price changes. Values greater than 1 (in absolute terms) indicate elastic demand.

Price Elasticity of Supply: Measures how responsive quantity supplied is to price changes. Higher values indicate more flexible production.

Cross-Price Elasticity: Measures how the demand for one good responds to price changes of another good. Positive values suggest substitutes, negative values suggest complements.

Income Elasticity: Measures how demand responds to income changes. Positive values indicate normal goods, negative values indicate inferior goods.

Elastic vs. Inelastic: Elastic (|E| > 1) means quantity is very responsive to changes. Inelastic (|E| < 1) means quantity is not very responsive.