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managerial economics in a global economy - education.ppt

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managerial economics in a global economy - education

Managerial Economics in a Global Economy, 5th EditionbyDominick Salvatore Chapter 3 Demand Theory Law of Demand There is an inverse relationship between the price of a good and the quantity of the good demanded per time period. Substitution Effect Income Effect Market Demand Curve Horizontal summation of demand curves of individual consumers Bandwagon Effect Snob Effect Horizontal Summation: From Individual to Market Demand Demand Faced by a Firm Market Structure Monopoly Oligopoly Monopolistic Competition Perfect Competition Type of Good Durable Goods Nondurable Goods Producers’ Goods - Derived Demand Linear Demand Function Price Elasticity of Demand Price Elasticity of Demand Marginal Revenue and Price Elasticity of Demand Marginal Revenue and Price Elasticity of Demand Marginal Revenue, Total Revenue, and Price Elasticity Determinants of Price Elasticity of Demand Demand for a commodity will be more elastic if: It has many close substitutes It is narrowly defined More time is available to adjust to a price change Determinants of Price Elasticity of Demand Demand for a commodity will be less elastic if: It has few substitutes It is broadly defined Less time is available to adjust to a price change Income Elasticity of Demand Income Elasticity of Demand Cross-Price Elasticity of Demand Cross-Price Elasticity of Demand Other Factors Related to Demand Theory International Convergence of Tastes Globalization of Markets Influence of International Preferences on Market Demand Growth of Electronic Commerce Cost of Sales Supply Chains and Logistics Customer Relationship Management Individual Consumer’s DemandQdX = f(PX, I, PY, T) quantity demanded of commodity X by an individual per time period price per unit of commodity X consumer’s income price of related (substitute or complementary) commodity tastes of the consumer QdX = PX = I = PY = T = QdX = f(PX, I, PY, T) ?QdX/?PX 0 ?QdX/?I 0 if a good is normal ?QdX/?I 0 if a good is inferior ?QdX/?PY 0 if X and Y