🗊Презентация Elasticity and its applications. The elasticity of demand

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Elasticity and its applications. The elasticity of demand, слайд №1Elasticity and its applications. The elasticity of demand, слайд №2Elasticity and its applications. The elasticity of demand, слайд №3Elasticity and its applications. The elasticity of demand, слайд №4Elasticity and its applications. The elasticity of demand, слайд №5Elasticity and its applications. The elasticity of demand, слайд №6Elasticity and its applications. The elasticity of demand, слайд №7Elasticity and its applications. The elasticity of demand, слайд №8Elasticity and its applications. The elasticity of demand, слайд №9Elasticity and its applications. The elasticity of demand, слайд №10Elasticity and its applications. The elasticity of demand, слайд №11Elasticity and its applications. The elasticity of demand, слайд №12Elasticity and its applications. The elasticity of demand, слайд №13Elasticity and its applications. The elasticity of demand, слайд №14Elasticity and its applications. The elasticity of demand, слайд №15Elasticity and its applications. The elasticity of demand, слайд №16Elasticity and its applications. The elasticity of demand, слайд №17Elasticity and its applications. The elasticity of demand, слайд №18Elasticity and its applications. The elasticity of demand, слайд №19Elasticity and its applications. The elasticity of demand, слайд №20Elasticity and its applications. The elasticity of demand, слайд №21Elasticity and its applications. The elasticity of demand, слайд №22Elasticity and its applications. The elasticity of demand, слайд №23Elasticity and its applications. The elasticity of demand, слайд №24Elasticity and its applications. The elasticity of demand, слайд №25Elasticity and its applications. The elasticity of demand, слайд №26Elasticity and its applications. The elasticity of demand, слайд №27Elasticity and its applications. The elasticity of demand, слайд №28Elasticity and its applications. The elasticity of demand, слайд №29Elasticity and its applications. The elasticity of demand, слайд №30Elasticity and its applications. The elasticity of demand, слайд №31Elasticity and its applications. The elasticity of demand, слайд №32Elasticity and its applications. The elasticity of demand, слайд №33Elasticity and its applications. The elasticity of demand, слайд №34Elasticity and its applications. The elasticity of demand, слайд №35Elasticity and its applications. The elasticity of demand, слайд №36Elasticity and its applications. The elasticity of demand, слайд №37Elasticity and its applications. The elasticity of demand, слайд №38Elasticity and its applications. The elasticity of demand, слайд №39Elasticity and its applications. The elasticity of demand, слайд №40Elasticity and its applications. The elasticity of demand, слайд №41Elasticity and its applications. The elasticity of demand, слайд №42Elasticity and its applications. The elasticity of demand, слайд №43Elasticity and its applications. The elasticity of demand, слайд №44
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5 Elasticity and Its Applications
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5 Elasticity and Its Applications

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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
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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

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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.
Описание 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.

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The Price Elasticity of Demand and Its Determinants Availability of Close Substitutes Necessities versus Luxuries Definition of the Market Time Horizon
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The Price Elasticity of Demand and Its Determinants Availability of Close Substitutes Necessities versus Luxuries Definition of the Market Time Horizon

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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.
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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.

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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.
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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.

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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:
Описание 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:

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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.
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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.

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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:
Описание 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:

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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.
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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.

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Computing the Price Elasticity of Demand
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Computing the Price Elasticity of Demand

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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.
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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.

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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.
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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.

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Figure 1 The Price Elasticity of Demand
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Figure 1 The Price Elasticity of Demand

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Figure 1 The Price Elasticity of Demand
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Figure 1 The Price Elasticity of Demand

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Figure 1 The Price Elasticity of Demand
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Figure 1 The Price Elasticity of Demand

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Figure 1 The Price Elasticity of Demand
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Figure 1 The Price Elasticity of Demand

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Figure 1 The Price Elasticity of Demand
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Figure 1 The Price Elasticity of Demand

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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
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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

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Figure 2 Total Revenue
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Figure 2 Total Revenue

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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.
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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.

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Figure 3 How Total Revenue Changes When Price Changes: Inelastic Demand
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Figure 3 How Total Revenue Changes When Price Changes: Inelastic Demand

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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.
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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.

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Figure 4 How Total Revenue Changes When Price Changes: Elastic Demand
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Figure 4 How Total Revenue Changes When Price Changes: Elastic Demand

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Elasticity of a Linear Demand Curve
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Elasticity of a Linear Demand Curve

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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.
Описание 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.

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Computing Income Elasticity
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Computing Income Elasticity

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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.
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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.

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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.
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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.

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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.
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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.

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Figure 6 The Price Elasticity of Supply
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Figure 6 The Price Elasticity of Supply

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Figure 6 The Price Elasticity of Supply
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Figure 6 The Price Elasticity of Supply

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Figure 6 The Price Elasticity of Supply
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Figure 6 The Price Elasticity of Supply

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Figure 6 The Price Elasticity of Supply
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Figure 6 The Price Elasticity of Supply

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Figure 6 The Price Elasticity of Supply
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Figure 6 The Price Elasticity of Supply

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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.
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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.

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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.
Описание 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.

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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?
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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?

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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.
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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.

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Figure 8 An Increase in Supply in the Market for Wheat
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Figure 8 An Increase in Supply in the Market for Wheat

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Compute the Price Elasticity of Supply
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Compute the Price Elasticity of Supply

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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.
Описание 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.

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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. .
Описание 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. .

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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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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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