1. Price elasticity of demand: According to R. G. Lipsey, "The price elasticity of demand is the percentage in quantity demanded by the percentage change in price that brought it about."
Formula:
2. Income elasticity of demand: According to R. G. Lipsey, "The responsiveness of demand for a commodity to change in income in termed income elasticity of demand."
Formula:
3. Cross elasticity of demand: In word of A. Koutsoyiannis, "The cross elasticity of demand is defined as the proportionate changes in quantity demanded of X resulting from a proportionate changes in the price of Y."
Formula:
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