Elasticities of Demand and Supply

This credential documents competencies including compilation and analysis of economic data to forecast trends and determine the impacts of public policies and business decisions. Economic professionals also project future production and consumption of resources, conduct research on economic issues and disseminate findings through reports that inform decision-making by business and public policy leaders. Specifically, this badge demonstrates the earner's ability to define the price elasticity of demand and of supply, the cross elasticity and the income elasticity of demand, calculate price elasticity, and explain the factors that influence these relationships.