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Вы можете ознакомиться и скачать презентацию на тему Introduction to economics. Доклад-сообщение содержит 26 слайдов. Презентации для любого класса можно скачать бесплатно. Если материал и наш сайт презентаций Mypresentation Вам понравились – поделитесь им с друзьями с помощью социальных кнопок и добавьте в закладки в своем браузере.

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Introduction to Economics Elasticity Janet McCaig

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Elasticity Price elasticity of demand Price elasticity of supply Measuring elasticity Interpreting the figures for elasticity D

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Market supply and demand

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Price elasticity of demand The responsiveness of quantity demanded to a change in price One of the most important concepts in economics Price elasticity of demand varies enormously from product to product ( oil & cabbage)

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Price Elasticity of Demand Measures the responsiveness of quantity demanded to changes in a good’s own price. The price elasticity of demand is the percent change in quantity demanded divided by the percent change in price that caused the change in quantity demanded.

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Price Elasticity of Demand Determinants of price elasticity of demand number and closeness of substitute goods proportion of income spent on the good the time period

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Measuring the Price Elasticity of Demand What we want to compare is the size of the change in quantity demanded with the size of the change in price. percentage change in quantity demanded divided by percentage change in D

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(the Greek epsilon) is the symbol used for elasticity ) is the symbol for “a change in” Changes are measured in % - £1 increase depends on original price Can of beans House

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40% rise in price of oil causes a 10% fall in quantity demanded -10%/40% = -0.25

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Interpreting the figure for elasticity of demand Demand curves generally slope downward Price and quantity change in opposite directions A rise in price ( a positive figure) will cause a fall in the quantity demanded ( a negative figure) A fall in price will cause a rise in quantity demanded When working out price elasticity of demand we either divide a negative figure by a positive figure Or a positive figure by a negative figure Either way end up with a negative figure

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Interpreting the figure for elasticity of demand The value greater or lesser than 1 Elastic 1 Inelastic 1 Unit elastic = 1

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Price Elasticity of Demand and Consumer Expenditure One of the most important applications of price elasticity of demand concerns total amount of money consumers spend on a product Total Consumer Expenditure - TE Price multiplied by Quantity TE = P x Q

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Price Elasticity of Demand and Consumer Expenditure Defining total consumer expenditure TE = P × Q Illustrating TE graphically Effects of a price change: elastic demand P rises: TE falls P falls: TE rises

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Example If consumers buy 3 million units (Q) at a price of £2 per unit (P) Total is £6 million (TE)

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Total consumer expenditure will be the same as the total revenue (TR) received by firms from the sale of the product (before taxes and other deductions)

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Total Expenditure

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Elastic demand between two points

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Warning Elasticity will generally vary along the length of the curve Common mistake to think of the elasticity of the whole curve 2 exceptions - special cases – 2 curves on one diagram

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Special Cases

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Review End of Session 1

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Price Elasticity of Supply Price elasticity of supply is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

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Price Elasticity of Supply Measuring price elasticity of supply %QS / %P elastic and inelastic supply Determinants of price elasticity of supply amount that costs rise as output increases time period

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The effect of imposing tax on goods Government intervention in the markets Indirect taxes, VAT, excise duties on cigarettes petrol & alcohol May be fixed per unit sold ( specific tax) Asa % of the price at each stage of production (Ad valorem tax)

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Activities Work on case study Ashes to Ashes (pg 80 course text book) Research the CAP in small groups in the computer lab then report back to the class

Теги Introduction economics

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