1) Elasticity measures the of one thing to another. 2) In every elasticity, there is a tion and a tion. (fill in the ist part of the words) 3) In every elasticity formula, the tion goes on the bottom of the fraction and the tion goes on the top. 4) If the tion is bigger than the tion, we call the situation sensitive or 5) If the "tion is bigger than the tion, we call the situation insensitive or 6) In elasticities, we measure changes in percentages. To get a percentage change for elasticity purposes, you take the 7) Price Elasticity of Supply elasticity measures the sensitivity of to Income elasticity measures the sensitivity of to 91 Cross elasticity measures the sensitivity OF If. income goes up 10% and the quantity demanded of an item jumps up 209, this item: 18 8 good with a income elasticity of Is this an elastic or inelastic situation? Was the elasticity positive or negative? Is income elasticity always positive for nomal goods? 11) If the price of Pepsi goes up 108 and the quantity demanded of4) If the tion is bigger than the tion, we call situation sensitive or 5) If the tion is bigger than the tion, we call t situation insensitive or 6) In elasticities, we measure changes in percentages. To get percentage change for elasticity purposes, you take th 7) Price Elasticity of Supply elasticity measures the sensitivity of to 8) Income elasticity measures the sensitivity of to 9) Cross elasticity measures the sensitivity of to 10) If income goes up 10% and the quantity demanded of an item jumps up 204, this item is a good with a income elasticity of Is this an elastic or inelastic situation? Was the elasticity positive or negative? Is income elasticity always positive for normal goods? 11) If the price of Pepsi goes up 108 and the quantity demanded of milk goes up 29, we say these are goods, and the cross elasticity is Is this an elastic or inelastic situation? Was the elasticity positive or negative? Is cross elasticity always positive for substitute goods