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Chapter06弹性和需求
Chapter 6 Elasticity and Demand Price Elasticity of Demand (E) P Q are inversely related by the law of demand so E is always negative The larger the absolute value of E, the more sensitive buyers are to a change in price Price Elasticity of Demand (E) Price Elasticity of Demand (E) Percentage change in quantity demanded can be predicted for a given percentage change in price as: %?Qd = %?P x E Percentage change in price required for a given change in quantity demanded can be predicted as: %?P = %?Qd ÷ E Price Elasticity Total Revenue Factors Affecting Price Elasticity of Demand Availability of substitutes The better more numerous the substitutes for a good, the more elastic is demand Percentage of consumer’s budget The greater the percentage of the consumer’s budget spent on the good, the more elastic is demand Time period of adjustment The longer the time period consumers have to adjust to price changes, the more elastic is demand Calculating Price Elasticity of Demand Price elasticity can be calculated by multiplying the slope of demand (?Q/?P) times the ratio of price to quantity (P/Q) Calculating Price Elasticity of Demand Price elasticity can be measured at an interval (or arc) along demand, or at a specific point on the demand curve If the price change is relatively small, a point calculation is suitable If the price change spans a sizable arc along the demand curve, the interval calculation provides a better measure Computation of Elasticity Over an Interval When calculating price elasticity of demand over an interval of demand, use the interval or arc elasticity formula Computation of Elasticity at a Point When calculating price elasticity at a point on demand, multiply the slope of demand (?Q/?P), computed at the point of measure, times the ratio P/Q, using the values of P and Q at the point of measure Method of measuring point elasticity depends on whether demand is linear or curvilinear Point Elasticity When Demand is Linear Point Elasticity
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