Price elasticity of demand measures the change in consumption ... amount available across a range of prices if displayed on a graph. The law of supply and demand combines two fundamental economic ...

A change in quantity demanded is represented as a movement along a demand curve. The proportion that quantity demanded changes relative to a change in price is known as the elasticity of demand.

Cross price elasticity measures how a change in the price of one good affects demand for another good. The cross elasticity of demand is an economic concept that measures the responsiveness in the ...