Index
Elasticity - 1
Elasticity - 2
Elasticity - 3
The Total Outlays Method - 4
Total Outlays - 5
Total Outlays - 6
Total Outlays - 7
Revenue Loss - Revenue Gain - 8
Revenue Loss - Revenue Gain - 9
Inelastic Demand - 10
Inelastic Demand - 11
Elastic Demand - 12
Summary and Solutions - 13
Perfectly Elastic Demand - 14
Perfectly Inelastic Demand - 15
Arc Elasticity of Demand - 16
Calculating Elasticity of Demand - 17
Calculating Elasticity of Demand - 18
Calculating Elasticity of Demand - 19
Factors Effecting Elasticity of Demand- 20
Normal and Inferior Goods - 21
Factors Effecting Elasticity of Supply - 22
Factors Effecting Elasticity of Supply - 23
Factors Effecting Elasticity of Supply - 24
Inelastic Supply - 25
Perfectly Inelastic Supply - 26
Elastic Supply - 27
Factors Effecting Elasticity of Supply - 28
Factors Effecting Elasticity of Supply - 29
Factors Effecting Elasticity of Supply - 30
Cross Elasticity of Demand - 31
Income Elasticity of Demand - 32
Income Inelastic Goods - 33
Income Elasticity - 34

Elasticity - The Total Outlays Method - 4

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A simple method of measuring the price elasticity of demand is the total outlays method. This method is only an approximate method of determining elasticity. The most accurate method is the arc method of elasticity, which will be outlined later in this section.

The ''total outlays'' method has two steps.

The first is to prepare a total outlay or total revenue table for the good or service under investigation. The second step is to look at the change in total revenue received and compare it with the direction of the price change that caused the change in total revenue.