What is elasticity? What is price elasticity? What is Income Elasticity? What is cross elasticity?

Here are the definitions for those terms:

• Elasticity measures the responsiveness of one economic variable to a change in another. It indicates how much a quantity demanded or supplied changes in response to a change in price, income, or the price of a related good.

• Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. For example, price elasticity of demand shows how much the quantity demanded changes when the price changes.

• Income elasticity measures the responsiveness of the quantity demanded of a good to a change in consumers' income. It helps classify goods as normal, inferior, or luxury based on how demand shifts with income.

• Cross elasticity measures the responsiveness of the quantity demanded of one good to a change in the price of another related good. It indicates whether two goods are substitutes or complements.