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Lecture Economics (19/e) - Chapter 4: Elasticity

The main goals of this chapter are to: Discuss price elasticity of demand and how it can be applied, explain the usefulness of the total revenue test for price elasticity of demand, describe price elasticity of supply and how it can be applied, apply cross elasticity of demand and income elasticity of demand. 04 Elasticity McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Price Elasticity of Demand • Measures buyers’ responsiveness to price changes • Elas

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04 Elasticity McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Price Elasticity of Demand • Measures buyers’ responsiveness to price changes • Elastic demand •Sensitive to price changes •Large change in quantity • Inelastic demand •Insensitive to price changes •Small change in quantity LO1 4-2 Price Elasticity of Demand Formula • Formula for price elasticity of demand Ed = Percentage Change in Quantity Demanded of Product X Percentage Change in Price of Product X LO1 4-3 Price Elasticity of Demand Formula • Use the midpoint formula • Ensures consistent results Ed = Change in quantity Sum of quantities / 2 ÷ Change in price Sum of prices / 2 LO1 4-4 Price Elasticity of Demand Formula • Use percentages •Unit free measure •Compare responsiveness across products • Eliminate the minus sign •Easier to compare elasticities LO1 4-5 ... - tailieumienphi.vn
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