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5ElasticityandItsApplications5ElasticityandItsApplicatioElasticity... …allowsustoanalyzesupplyanddemandwithgreaterprecision.…isameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions

Elasticity... …allowsusTHEELASTICITYOFDEMANDPriceelasticityofdemandisameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood.Priceelasticityofdemandisthepercentagechangeinquantitydemandedgivenapercentchangeintheprice.

THEELASTICITYOFDEMANDPriceThePriceElasticityofDemandandItsDeterminantsAvailabilityofCloseSubstitutesNecessitiesversusLuxuriesDefinitionoftheMarketTimeHorizonThePriceElasticityofDemandThePriceElasticityofDemandandItsDeterminantsDemandtendstobemoreelastic:thelargerthenumberofclosesubstitutes.ifthegoodisaluxury.themorenarrowlydefinedthemarket.thelongerthetimeperiod.ThePriceElasticityofDemandComputingthePriceElasticityofDemandThepriceelasticityofdemandiscomputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinprice.ComputingthePriceElasticityExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8cones,thenyourelasticityofdemandwouldbecalculatedas:ComputingthePriceElasticityofDemandComputingthePriceElasticityTheMidpointMethod:ABetterWaytoCalculatePercentageChangesandElasticitiesThemidpointformulaispreferablewhencalculatingthepriceelasticityofdemandbecauseitgivesthesameanswerregardlessofthedirectionofthechange.TheMidpointMethod:ABetterTheMidpointMethod:ABetterWaytoCalculatePercentageChangesandElasticitiesExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8cones,thenyourelasticityofdemand,usingthemidpointformula,wouldbecalculatedas:TheMidpointMethod:ABetterTheVarietyofDemandCurvesInelasticDemandQuantitydemandeddoesnotrespondstronglytopricechanges.Priceelasticityofdemandislessthanone.ElasticDemandQuantitydemandedrespondsstronglytochangesinprice.Priceelasticityofdemandisgreaterthanone.TheVarietyofDemandCurvesInComputingthePriceElasticityofDemandDemandispriceelastic$54DemandQuantity100050PriceComputingthePriceElasticityTheVarietyofDemandCurvesPerfectlyInelasticQuantitydemandeddoesnotrespondtopricechanges.PerfectlyElasticQuantitydemandedchangesinfinitelywithanychangeinprice.UnitElasticQuantitydemandedchangesbythesamepercentageastheprice.TheVarietyofDemandCurvesPeTheVarietyofDemandCurvesBecausethepriceelasticityofdemandmeasureshowmuchquantitydemandedrespondstotheprice,itiscloselyrelatedtotheslopeofthedemandcurve.TheVarietyofDemandCurvesBeFigure1ThePriceElasticityofDemandCopyright?2003Southwestern/ThomsonLearning(a)PerfectlyInelasticDemand:ElasticityEquals0$54QuantityDemand10001.Anincreaseinprice...2....leavesthequantitydemandedunchanged.PriceFigure1ThePriceElasticityFigure1ThePriceElasticityofDemand(b)InelasticDemand:ElasticityIsLessThan1Quantity0$590Demand1.A22%increaseinprice...Price2....leadstoan11%decreaseinquantitydemanded.4100Figure1ThePriceElasticityFigure1ThePriceElasticityofDemandCopyright?2003Southwestern/ThomsonLearning2....leadstoa22%decreaseinquantitydemanded.(c)UnitElasticDemand:ElasticityEquals1Quantity41000Price$5801.A22%increaseinprice...DemandFigure1ThePriceElasticityFigure1ThePriceElasticityofDemand(d)ElasticDemand:ElasticityIsGreaterThan1DemandQuantity41000Price$5501.A22%increaseinprice...2....leadstoa67%decreaseinquantitydemanded.Figure1ThePriceElasticityFigure1ThePriceElasticityofDemand(e)PerfectlyElasticDemand:ElasticityEqualsInfinityQuantity0Price$4Demand2.Atexactly$4,consumerswillbuyanyquantity.1.Atanypriceabove$4,quantitydemandediszero.3.Atapricebelow$4,quantitydemandedisinfinite.Figure1ThePriceElasticityTotalRevenueandthePriceElasticityofDemandTotalrevenueistheamountpaidbybuyersandreceivedbysellersofagood.Computedasthepriceofthegoodtimesthequantitysold.

TR=PxQTotalRevenueandthePriceElFigure2TotalRevenueCopyright?2003Southwestern/ThomsonLearningDemandQuantityQP0Price

P×Q=$400(revenue)$4100Figure2TotalRevenueCopyrighElasticityandTotalRevenuealongaLinearDemandCurveWithaninelasticdemandcurve,anincreaseinpriceleadstoadecreaseinquantitythatisproportionatelysmaller.Thus,totalrevenueincreases.ElasticityandTotalRevenueaFigure3HowTotalRevenueChangesWhenPriceChanges:InelasticDemandCopyright?2003Southwestern/ThomsonLearningDemandQuantity0PriceRevenue=$100Quantity0PriceRevenue=$240Demand$1100$380AnIncreaseinpricefrom$1to$3……leadstoanIncreaseintotalrevenuefrom$100to$240Figure3HowTotalRevenueChaElasticityandTotalRevenuealongaLinearDemandCurveWithanelasticdemandcurve,anincreaseinthepriceleadstoadecreaseinquantitydemandedthatisproportionatelylarger.Thus,totalrevenuedecreases.ElasticityandTotalRevenueaFigure4HowTotalRevenueChangesWhenPriceChanges:ElasticDemandCopyright?2003Southwestern/ThomsonLearningDemandQuantity0PriceRevenue=$200$450DemandQuantity0PriceRevenue=$100$520AnIncreaseinpricefrom$4to$5……leadstoandecreaseintotalrevenuefrom$200to$100Figure4HowTotalRevenueChaElasticityofaLinearDemandCurveElasticityofaLinearDemandIncomeElasticityofDemandIncomeelasticityofdemandmeasureshowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income.Itiscomputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinincome.IncomeElasticityofDemandInc

ComputingIncomeElasticityComputingIncomeElasticityIncomeElasticityTypesofGoodsNormalGoodsInferiorGoodsHigherincomeraisesthequantitydemandedfornormalgoodsbutlowersthequantitydemandedforinferiorgoods.IncomeElasticityTypesofGoodIncomeElasticityGoodsconsumersregardasnecessitiestendtobeincomeinelasticExamplesincludefood,fuel,clothing,utilities,andmedicalservices.Goodsconsumersregardasluxuriestendtobeincomeelastic.Examplesincludesportscars,furs,andexpensivefoods.IncomeElasticityGoodsconsumeTHEELASTICITYOFSUPPLYPriceelasticityofsupplyisameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood.Priceelasticityofsupplyisthepercentagechangeinquantitysuppliedresultingfromapercentchangeinprice.THEELASTICITYOFSUPPLYPriceFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(a)PerfectlyInelasticSupply:ElasticityEquals0$54SupplyQuantity10001.Anincreaseinprice...2....leavesthequantitysuppliedunchanged.PriceFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(b)InelasticSupply:ElasticityIsLessThan1110$51004Quantity01.A22%increaseinprice...Price2....leadstoa10%increaseinquantitysupplied.SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(c)UnitElasticSupply:ElasticityEquals1125$51004Quantity0Price2....leadstoa22%increaseinquantitysupplied.1.A22%increaseinprice...SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(d)ElasticSupply:ElasticityIsGreaterThan1Quantity0Price1.A22%increaseinprice...2....leadstoa67%increaseinquantitysupplied.4100$5200SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(e)PerfectlyElasticSupply:ElasticityEqualsInfinityQuantity0Price$4Supply3.Atapricebelow$4,quantitysuppliediszero.2.Atexactly$4,producerswillsupplyanyquantity.1.Atanypriceabove$4,quantitysuppliedisinfinite.Figure6ThePriceElasticityDeterminantsofElasticityofSupplyAbilityofsellerstochangetheamountofthegoodtheyproduce.Beach-frontlandisinelastic.Books,cars,ormanufacturedgoodsareelastic.Timeperiod.Supplyismoreelasticinthelongrun.DeterminantsofElasticityofComputingthePriceElasticityofSupplyThepriceelasticityofsupplyiscomputedasthepercentagechangeinthequantitysupplieddividedbythepercentagechangeinprice.ComputingthePriceElasticityTHREEAPPLICATIONSOFSUPPLY,DEMAND,ANDELASTICITYCangoodnewsforfarmingbebadnewsforfarmers?Whathappenstowheatfarmersandthemarketforwheatwhenuniversityagronomistsdiscoveranewwheathybridthatismoreproductivethanexistingvarieties?THREEAPPLICATIONSOFSUPPLY,THREEAPPLICATIONSOFSUPPLY,DEMAND,ANDELASTICITYExaminewhetherthesupplyordemandcurveshifts.Determinethedirectionoftheshiftofthecurve.Usethesupply-and-demanddiagramtoseehowthemarketequilibriumchanges.THREEAPPLICATIONSOFSUPPLY,Figure8AnIncreaseinSupplyintheMarketforWheatCopyright?2003Southwestern/ThomsonLearningQuantityofWheat0PriceofWheat3....andaproportionatelysmallerincreaseinquantitysold.Asaresult,revenuefallsfrom$300to$220.DemandS1S22....leadstoalargefallinprice...

1.Whendemandisinelastic,anincreaseinsupply...2110$3100Figure8AnIncreaseinSupplyComputethePriceElasticityofSupplySupplyisinelasticComputethePriceElasticityoSummaryPriceelasticityofdemandmeasureshowmuchthequantitydemandedrespondstochangesintheprice.Priceelasticityofdemandiscalculatedasthepercentagechangeinquantitydemandeddividedbythepercentagechangeinprice.Ifademandcurveiselastic,totalrevenuefallswhenthepricerises.Ifitisinelastic,totalrevenuerisesasthepricerises.SummaryPriceelasticityofdemSummaryTheincomeelasticityofdemandmeasureshowmuchthequantitydemandedrespondstochangesinconsumers’income.Thecross-priceelasticityofdemandmeasureshowmuchthequantitydemandedofonegoodrespondstothepriceofanothergood.Thepriceelasticityofsupplymeasureshowmuchthequantitysuppliedrespondstochangesintheprice..SummaryTheincomeelasticityoSummaryInmostmarkets,supplyismoreelasticinthelongrunthanintheshortrun.Thepriceelasticityofsupplyiscalculatedasthepercentagechangeinquantitysupplieddividedbythepercentagechangeinprice.Thetoolsofsupplyanddemandcanbeappliedinmanydifferenttypesofmarkets.SummaryInmostmarkets,supply5ElasticityandItsApplications5ElasticityandItsApplicatioElasticity... …allowsustoanalyzesupplyanddemandwithgreaterprecision.…isameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions

Elasticity... …allowsusTHEELASTICITYOFDEMANDPriceelasticityofdemandisameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood.Priceelasticityofdemandisthepercentagechangeinquantitydemandedgivenapercentchangeintheprice.

THEELASTICITYOFDEMANDPriceThePriceElasticityofDemandandItsDeterminantsAvailabilityofCloseSubstitutesNecessitiesversusLuxuriesDefinitionoftheMarketTimeHorizonThePriceElasticityofDemandThePriceElasticityofDemandandItsDeterminantsDemandtendstobemoreelastic:thelargerthenumberofclosesubstitutes.ifthegoodisaluxury.themorenarrowlydefinedthemarket.thelongerthetimeperiod.ThePriceElasticityofDemandComputingthePriceElasticityofDemandThepriceelasticityofdemandiscomputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinprice.ComputingthePriceElasticityExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8cones,thenyourelasticityofdemandwouldbecalculatedas:ComputingthePriceElasticityofDemandComputingthePriceElasticityTheMidpointMethod:ABetterWaytoCalculatePercentageChangesandElasticitiesThemidpointformulaispreferablewhencalculatingthepriceelasticityofdemandbecauseitgivesthesameanswerregardlessofthedirectionofthechange.TheMidpointMethod:ABetterTheMidpointMethod:ABetterWaytoCalculatePercentageChangesandElasticitiesExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8cones,thenyourelasticityofdemand,usingthemidpointformula,wouldbecalculatedas:TheMidpointMethod:ABetterTheVarietyofDemandCurvesInelasticDemandQuantitydemandeddoesnotrespondstronglytopricechanges.Priceelasticityofdemandislessthanone.ElasticDemandQuantitydemandedrespondsstronglytochangesinprice.Priceelasticityofdemandisgreaterthanone.TheVarietyofDemandCurvesInComputingthePriceElasticityofDemandDemandispriceelastic$54DemandQuantity100050PriceComputingthePriceElasticityTheVarietyofDemandCurvesPerfectlyInelasticQuantitydemandeddoesnotrespondtopricechanges.PerfectlyElasticQuantitydemandedchangesinfinitelywithanychangeinprice.UnitElasticQuantitydemandedchangesbythesamepercentageastheprice.TheVarietyofDemandCurvesPeTheVarietyofDemandCurvesBecausethepriceelasticityofdemandmeasureshowmuchquantitydemandedrespondstotheprice,itiscloselyrelatedtotheslopeofthedemandcurve.TheVarietyofDemandCurvesBeFigure1ThePriceElasticityofDemandCopyright?2003Southwestern/ThomsonLearning(a)PerfectlyInelasticDemand:ElasticityEquals0$54QuantityDemand10001.Anincreaseinprice...2....leavesthequantitydemandedunchanged.PriceFigure1ThePriceElasticityFigure1ThePriceElasticityofDemand(b)InelasticDemand:ElasticityIsLessThan1Quantity0$590Demand1.A22%increaseinprice...Price2....leadstoan11%decreaseinquantitydemanded.4100Figure1ThePriceElasticityFigure1ThePriceElasticityofDemandCopyright?2003Southwestern/ThomsonLearning2....leadstoa22%decreaseinquantitydemanded.(c)UnitElasticDemand:ElasticityEquals1Quantity41000Price$5801.A22%increaseinprice...DemandFigure1ThePriceElasticityFigure1ThePriceElasticityofDemand(d)ElasticDemand:ElasticityIsGreaterThan1DemandQuantity41000Price$5501.A22%increaseinprice...2....leadstoa67%decreaseinquantitydemanded.Figure1ThePriceElasticityFigure1ThePriceElasticityofDemand(e)PerfectlyElasticDemand:ElasticityEqualsInfinityQuantity0Price$4Demand2.Atexactly$4,consumerswillbuyanyquantity.1.Atanypriceabove$4,quantitydemandediszero.3.Atapricebelow$4,quantitydemandedisinfinite.Figure1ThePriceElasticityTotalRevenueandthePriceElasticityofDemandTotalrevenueistheamountpaidbybuyersandreceivedbysellersofagood.Computedasthepriceofthegoodtimesthequantitysold.

TR=PxQTotalRevenueandthePriceElFigure2TotalRevenueCopyright?2003Southwestern/ThomsonLearningDemandQuantityQP0Price

P×Q=$400(revenue)$4100Figure2TotalRevenueCopyrighElasticityandTotalRevenuealongaLinearDemandCurveWithaninelasticdemandcurve,anincreaseinpriceleadstoadecreaseinquantitythatisproportionatelysmaller.Thus,totalrevenueincreases.ElasticityandTotalRevenueaFigure3HowTotalRevenueChangesWhenPriceChanges:InelasticDemandCopyright?2003Southwestern/ThomsonLearningDemandQuantity0PriceRevenue=$100Quantity0PriceRevenue=$240Demand$1100$380AnIncreaseinpricefrom$1to$3……leadstoanIncreaseintotalrevenuefrom$100to$240Figure3HowTotalRevenueChaElasticityandTotalRevenuealongaLinearDemandCurveWithanelasticdemandcurve,anincreaseinthepriceleadstoadecreaseinquantitydemandedthatisproportionatelylarger.Thus,totalrevenuedecreases.ElasticityandTotalRevenueaFigure4HowTotalRevenueChangesWhenPriceChanges:ElasticDemandCopyright?2003Southwestern/ThomsonLearningDemandQuantity0PriceRevenue=$200$450DemandQuantity0PriceRevenue=$100$520AnIncreaseinpricefrom$4to$5……leadstoandecreaseintotalrevenuefrom$200to$100Figure4HowTotalRevenueChaElasticityofaLinearDemandCurveElasticityofaLinearDemandIncomeElasticityofDemandIncomeelasticityofdemandmeasureshowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’income.Itiscomputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinincome.IncomeElasticityofDemandInc

ComputingIncomeElasticityComputingIncomeElasticityIncomeElasticityTypesofGoodsNormalGoodsInferiorGoodsHigherincomeraisesthequantitydemandedfornormalgoodsbutlowersthequantitydemandedforinferiorgoods.IncomeElasticityTypesofGoodIncomeElasticityGoodsconsumersregardasnecessitiestendtobeincomeinelasticExamplesincludefood,fuel,clothing,utilities,andmedicalservices.Goodsconsumersregardasluxuriestendtobeincomeelastic.Examplesincludesportscars,furs,andexpensivefoods.IncomeElasticityGoodsconsumeTHEELASTICITYOFSUPPLYPriceelasticityofsupplyisameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood.Priceelasticityofsupplyisthepercentagechangeinquantitysuppliedresultingfromapercentchangeinprice.THEELASTICITYOFSUPPLYPriceFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(a)PerfectlyInelasticSupply:ElasticityEquals0$54SupplyQuantity10001.Anincreaseinprice...2....leavesthequantitysuppliedunchanged.PriceFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(b)InelasticSupply:ElasticityIsLessThan1110$51004Quantity01.A22%increaseinprice...Price2....leadstoa10%increaseinquantitysupplied.SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(c)UnitElasticSupply:ElasticityEquals1125$51004Quantity0Price2....leadstoa22%increaseinquantitysupplied.1.A22%increaseinprice...SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(d)ElasticSupply:ElasticityIsGreaterThan1Quantity0Price1.A22%increaseinprice...2....leadstoa67%increaseinquantitysupplied.4100$5200SupplyFigure6ThePriceElasticityFigure6ThePriceElasticityofSupplyCopyright?2003Southwestern/ThomsonLearning(e)PerfectlyElasticSupply:ElasticityEqualsInfinityQuantity0Price$4Supply3.Atapricebelow$4,quantitysuppliediszero.2.Atexactly$4,producerswillsupplyanyquantity.1.Atanypriceabove$4,quantitysuppliedisinfinite.Figure6ThePriceElasticityDeterminantsofElasticityofSupplyAbilityofsellerstochangetheamountofthegoodtheyproduce.Beach-frontlandisinelastic.Books,cars,ormanufacturedgoodsareelastic.Timeperiod.Supplyismoreelasticinthelongrun.DeterminantsofElasticityofComputingthePriceElasticityofSupplyThepriceelasticityofsupplyiscomputedasthepercentagechangeinthequantitysupplied

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