After completing this tutorial the learner will be able to:

• Be able to explain the concept of elasticity
• Write definitions/formulas for the different types of elasticity of demand
• Express and calculate price elasticity of demand
• Analyze the relationship between the price elasticity of demand and total revenues
• Discuss the factors that determine the price elasticity of demand
• Describe the cross price elasticity of demand and how it may be used to indicate whether two goods are substitutes or complements
• Explain the income elasticity of demand