The expenditure elasticity is a measurement of how expenditure on a good changes in response to a price change. The…

## Cross price elasticity of demand

Cross-price elasticity formulaComplementary goodSubstitute good Cross-price elasticity formula The cross-price elasticity of demand measures the responsiveness of a good to…

## Types of price elasticity of demand

The elasticity of demand () measures the responsiveness of demand to a change in price. It is defined as the…

## MaxiMin Strategy/MiniMax strategy

In game theory, Maximin/Minimax are strategies used when playing games. The strategy in this case is to maximize the smallest possible…

## Consumer part of dead weight loss, Producer part of dead weight loss and total dead weight loss

This post will cover dead weight loss. In particular, what is the burden on consumers and producers. The following supply-and-demand…