State the formula and explain the following elasticity:

a. Elasticity demand for labor,

b. Price elasticity of demand,

c. Income elasticity of demand,

d. Cross-price elasticity of demand,

e. Elasticity supply of savings.

a. Elasticity demand for labor,

The elasticity demand for labor measures the responsiveness of the labor demand toa change in the wage rate. Itis calculated as:

b. Price elasticity of demand,

The price elasticity of demand is calculated as:

This elasticity measures how responsive the quantity demanded is to a change in the own price by one percent.

c. Income elasticity of demand,

The income elasticity of demand measures the responsiveness of the quantity demanded to a one percent change in the consumer's income. It is calculated as:

d. The cross-price elasticity of demand,

The cross-price elasticity of demand estimates the amount of change in the quantity demanded when the price of a substitute/complement good changes by one percent. Its formula is:

e. Elasticity supply of savings.

The elasticity supply of savings is calculated as:

It measures the responsiveness of the savings to a one percentage change in the interest rate.