Remember!!!

Name and formula

1) PED= %change in quantity demanded/%change in price

2) XED= % change in demand of product A/% change in price of product B

3) PES= % change in quantity supplied/% change in price

4) YED= % chane in quantity demanded/ % change in income

Interpretation

1) XED= +4-substitute
-0.6 complementary

2) YED= +3 normal goods
-2 inferior goods

3) PED= -3 elastic demand
+0.6 inelastic demand

4) PES= +5 elastic supply
+0.5 inelastic