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Table 4.1 Factors That Shift the Demand Curve Table 4.2 Factors That Shift the Supply Curve The Elasticity of Demand • Elasticity – Measure of the responsiveness of quantity demanded or quantity supplied • Percentage change in quantity demanded (∆Qd/Qd) • Percentage change in quantity supplied (∆Qs/Qs) – To a change in one of its determinants • Demand-side – (own) price <-> demand elasticity (∆Qx/Qx)/ (∆Px/Px ) – Price of substitute/complement <-> cross-price (∆Qx/Qx)/(∆Py/Py ) – Income <-> income elasticity ((∆Qx/Qx)/ (∆I/I ) 3