Elasticities, part 3: Income elasticity of demand, cross-price elasticity, etc

Описание к видео Elasticities, part 3: Income elasticity of demand, cross-price elasticity, etc

This video covers the four named elasticities:
1) (Price) elasticity of demand
2) Income elasticity of demand
3) Cross-price elasticity of demand
4) Elasticity of supply

I forgot to mention that the cases where the direction of the elasticity is negative for Income elasticity and Cross-Price elasticity...
Income elasticity of demand is negative when the good is an inferior good.
Cross-price elasticity of demand is negative when the goods are compliments.

You can think through both of those intuitively, too.

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