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Слайды и текст к этой презентации:

№1 слайд

Содержание слайда: Elasticity and Its Application Chapter 5

№2 слайд

Содержание слайда: Elasticity . . . … is a measure of how much buyers and sellers respond to changes in market conditions … allows us to analyze supply and demand with greater precision.

№3 слайд

Содержание слайда: Price Elasticity of Demand Price elasticity of demand is the percentage change in quantity demanded given a percent change in the price. It is a measure of how much the quantity demanded of a good responds to a change in the price of that good.

№4 слайд

Содержание слайда: Determinants of Price Elasticity of Demand Necessities versus Luxuries Availability of Close Substitutes Definition of the Market Time Horizon

№5 слайд

Содержание слайда: Determinants of Price Elasticity of Demand Demand tends to be more elastic : if the good is a luxury. the longer the time period. the larger the number of close substitutes. the more narrowly defined the market.

№6 слайд

Содержание слайда: Computing the Price Elasticity of Demand The price elasticity of demand is computed as the percentage change in the quantity demanded divided by the percentage change in price.

№7 слайд

Содержание слайда: Computing the Price Elasticity of Demand

№8 слайд

Содержание слайда: Computing the Price Elasticity of Demand Using the Midpoint Formula The midpoint formula is preferable when calculating the price elasticity of demand because it gives the same answer regardless of the direction of the change.

№9 слайд

Содержание слайда: Computing the Price Elasticity of Demand

№10 слайд

Содержание слайда: Ranges of Elasticity Inelastic Demand Quantity demanded does not respond strongly to price changes. Price elasticity of demand is less than one. Elastic Demand Quantity demanded responds strongly to changes in price. Price elasticity of demand is greater than one.

№11 слайд

Содержание слайда: Computing the Price Elasticity of Demand

№12 слайд

Содержание слайда: Ranges of Elasticity Perfectly Inelastic Quantity demanded does not respond to price changes. Perfectly Elastic Quantity demanded changes infinitely with any change in price. Unit Elastic Quantity demanded changes by the same percentage as the price.

№13 слайд

Содержание слайда: A Variety of Demand Curves

№14 слайд

Содержание слайда: Perfectly Inelastic Demand - Elasticity equals 0

№15 слайд

Содержание слайда: Inelastic Demand - Elasticity is less than 1

№16 слайд

Содержание слайда: Unit Elastic Demand - Elasticity equals 1

№17 слайд

Содержание слайда: Elastic Demand - Elasticity is greater than 1

№18 слайд

Содержание слайда: Perfectly Elastic Demand - Elasticity equals infinity

№19 слайд

Содержание слайда: Elasticity and Total Revenue Total revenue is the amount paid by buyers and received by sellers of a good. Computed as the price of the good times the quantity sold. TR = P x Q

№20 слайд

Содержание слайда: Elasticity and Total Revenue

№21 слайд

Содержание слайда: Elasticity and Total Revenue With an inelastic demand curve, an increase in price leads to a decrease in quantity that is proportionately smaller. Thus, total revenue increases.

№22 слайд

Содержание слайда: Elasticity and Total Revenue: Inelastic Demand

№23 слайд

Содержание слайда: Elasticity and Total Revenue With an elastic demand curve, an increase in the price leads to a decrease in quantity demanded that is proportionately larger. Thus, total revenue decreases.

№24 слайд

Содержание слайда: Elasticity and Total Revenue: Elastic Demand

№25 слайд

Содержание слайда: Computing the Elasticity of a Linear Demand Curve

№26 слайд

Содержание слайда: Income Elasticity of Demand Income elasticity of demand measures how much the quantity demanded of a good responds to a change in consumers’ income. It is computed as the percentage change in the quantity demanded divided by the percentage change in income.

№27 слайд

Содержание слайда: Computing Income Elasticity

№28 слайд

Содержание слайда: Income Elasticity - Types of Goods - Normal Goods Inferior Goods Higher income raises the quantity demanded for normal goods but lowers the quantity demanded for inferior goods.

№29 слайд

Содержание слайда: Income Elasticity - Types of Goods - Goods consumers regard as necessities tend to be income inelastic Examples include food, fuel, clothing, utilities, and medical services. Goods consumers regard as luxuries tend to be income elastic. Examples include sports cars, furs, and expensive foods.

№30 слайд

Содержание слайда: Price Elasticity of Supply Price elasticity of supply is the percentage change in quantity supplied resulting from a percent change in price. It is a measure of how much the quantity supplied of a good responds to a change in the price of that good.

№31 слайд

Содержание слайда: Ranges of Elasticity Perfectly Elastic ES =  Relatively Elastic ES > 1 Unit Elastic ES = 1

№32 слайд

Содержание слайда: Ranges of Elasticity Relatively Inelastic ES < 1 Perfectly Inelastic ES = 0

№33 слайд

Содержание слайда: Perfectly Inelastic Supply - Elasticity equals 0

№34 слайд

Содержание слайда: Inelastic Supply - Elasticity is less than 1

№35 слайд

Содержание слайда: Unit Elastic Supply - Elasticity equals 1

№36 слайд

Содержание слайда: Elastic Supply - Elasticity is greater than 1

№37 слайд

Содержание слайда: Perfectly Elastic Supply - Elasticity equals infinity

№38 слайд

Содержание слайда: Determinants of Elasticity of Supply Ability of sellers to change the amount of the good they produce. Beach-front land is inelastic. Books, cars, or manufactured goods are elastic. Time period. Supply is more elastic in the long run.

№39 слайд

Содержание слайда: Computing the Price Elasticity of Supply The price elasticity of supply is computed as the percentage change in the quantity supplied divided by the percentage change in price.

№40 слайд

Содержание слайда: Application of Elasticity Can good news for farming be bad news for farmers? What happens to wheat farmers and the market for wheat when university agronomists discover a new wheat hybrid that is more productive than existing varieties?

№41 слайд

Содержание слайда: Application of Elasticity Examine whether the supply or demand curve shifts. Determine the direction of the shift of the curve. Use the supply-and-demand diagram to see how the market equilibrium changes.

№42 слайд

Содержание слайда: An Increase in Supply in the Market for Wheat

№43 слайд

Содержание слайда: An Increase in Supply in the Market for Wheat

№44 слайд

Содержание слайда: Compute Elasticity

№45 слайд

Содержание слайда: Compute Elasticity

№46 слайд

Содержание слайда: Summary Price elasticity of demand measures how much the quantity demanded responds to changes in the price. If a demand curve is elastic, total revenue falls when the price rises. If it is inelastic, total revenue rises as the price rises.

№47 слайд

Содержание слайда: Summary The price elasticity of supply measures how much the quantity supplied responds to changes in the price. In most markets, supply is more elastic in the long run than in the short run.

№48 слайд