Different types of Elasticity of Demand.

 There are 3 types of Elasticity of Demand. These are:

   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: