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Слайды и текст к этой презентации:

№1 слайд
Elasticity and Its
Содержание слайда: 5 Elasticity and Its Applications
№2 слайд
Elasticity . . . allows us to
Содержание слайда: Elasticity . . . … allows us to analyze supply and demand with greater precision. … is a measure of how much buyers and sellers respond to changes in market conditions
№3 слайд
THE ELASTICITY OF DEMAND
Содержание слайда: THE ELASTICITY OF DEMAND Price elasticity of demand is a measure of how much the quantity demanded of a good responds to a change in the price of that good. Price elasticity of demand is the percentage change in quantity demanded given a percent change in the price.
№4 слайд
The Price Elasticity of
Содержание слайда: The Price Elasticity of Demand and Its Determinants Availability of Close Substitutes Necessities versus Luxuries Definition of the Market Time Horizon
№5 слайд
The Price Elasticity of
Содержание слайда: The Price Elasticity of Demand and Its Determinants Demand tends to be more elastic : the larger the number of close substitutes. if the good is a luxury. the more narrowly defined the market. the longer the time period.
№6 слайд
Computing the Price
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
Computing the Price
Содержание слайда: Computing the Price Elasticity of Demand Example: If the price of an ice cream cone increases from $2.00 to $2.20 and the amount you buy falls from 10 to 8 cones, then your elasticity of demand would be calculated as:
№8 слайд
The Midpoint Method A Better
Содержание слайда: The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities 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
The Midpoint Method A Better
Содержание слайда: The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities Example: If the price of an ice cream cone increases from $2.00 to $2.20 and the amount you buy falls from 10 to 8 cones, then your elasticity of demand, using the midpoint formula, would be calculated as:
№10 слайд
The Variety of Demand Curves
Содержание слайда: The Variety of Demand Curves 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
Computing the Price
Содержание слайда: Computing the Price Elasticity of Demand
№12 слайд
The Variety of Demand Curves
Содержание слайда: The Variety of Demand Curves 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
The Variety of Demand Curves
Содержание слайда: The Variety of Demand Curves Because the price elasticity of demand measures how much quantity demanded responds to the price, it is closely related to the slope of the demand curve.
№14 слайд
Figure The Price Elasticity
Содержание слайда: Figure 1 The Price Elasticity of Demand
№15 слайд
Figure The Price Elasticity
Содержание слайда: Figure 1 The Price Elasticity of Demand
№16 слайд
Figure The Price Elasticity
Содержание слайда: Figure 1 The Price Elasticity of Demand
№17 слайд
Figure The Price Elasticity
Содержание слайда: Figure 1 The Price Elasticity of Demand
№18 слайд
Figure The Price Elasticity
Содержание слайда: Figure 1 The Price Elasticity of Demand
№19 слайд
Total Revenue and the Price
Содержание слайда: Total Revenue and the Price Elasticity of Demand 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
Figure Total Revenue
Содержание слайда: Figure 2 Total Revenue
№21 слайд
Elasticity and Total Revenue
Содержание слайда: Elasticity and Total Revenue along a Linear Demand Curve 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
Figure How Total Revenue
Содержание слайда: Figure 3 How Total Revenue Changes When Price Changes: Inelastic Demand
№23 слайд
Elasticity and Total Revenue
Содержание слайда: Elasticity and Total Revenue along a Linear Demand Curve 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
Figure How Total Revenue
Содержание слайда: Figure 4 How Total Revenue Changes When Price Changes: Elastic Demand
№25 слайд
Elasticity of a Linear Demand
Содержание слайда: Elasticity of a Linear Demand Curve
№26 слайд
Income Elasticity of Demand
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
Computing Income Elasticity
Содержание слайда: Computing Income Elasticity
№28 слайд
Income Elasticity Types of
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
Income Elasticity Goods
Содержание слайда: Income Elasticity 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
THE ELASTICITY OF SUPPLY
Содержание слайда: THE ELASTICITY OF SUPPLY Price elasticity of supply is a measure of how much the quantity supplied of a good responds to a change in the price of that good. Price elasticity of supply is the percentage change in quantity supplied resulting from a percent change in price.
№31 слайд
Figure The Price Elasticity
Содержание слайда: Figure 6 The Price Elasticity of Supply
№32 слайд
Figure The Price Elasticity
Содержание слайда: Figure 6 The Price Elasticity of Supply
№33 слайд
Figure The Price Elasticity
Содержание слайда: Figure 6 The Price Elasticity of Supply
№34 слайд
Figure The Price Elasticity
Содержание слайда: Figure 6 The Price Elasticity of Supply
№35 слайд
Figure The Price Elasticity
Содержание слайда: Figure 6 The Price Elasticity of Supply
№36 слайд
Determinants of Elasticity of
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.
№37 слайд
Computing the Price
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.
№38 слайд
APPLICATION of ELASTICITY Can
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?
№39 слайд
THE APPLICATION OF SUPPLY,
Содержание слайда: THE APPLICATION OF SUPPLY, DEMAND, AND 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.
№40 слайд
Figure An Increase in Supply
Содержание слайда: Figure 8 An Increase in Supply in the Market for Wheat
№41 слайд
Compute the Price Elasticity
Содержание слайда: Compute the Price Elasticity of Supply
№42 слайд
Summary Price elasticity of
Содержание слайда: Summary Price elasticity of demand measures how much the quantity demanded responds to changes in the price. Price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in 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.
№43 слайд
Summary The income elasticity
Содержание слайда: Summary The income elasticity of demand measures how much the quantity demanded responds to changes in consumers’ income. The cross-price elasticity of demand measures how much the quantity demanded of one good responds to the price of another good. The price elasticity of supply measures how much the quantity supplied responds to changes in the price. .
№44 слайд
Summary In most markets,
Содержание слайда: Summary In most markets, supply is more elastic in the long run than in the short run. The price elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price. The tools of supply and demand can be applied in many different types of markets.
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