05弹性及其应用ppt课件.pptVIP

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05弹性及其应用ppt课件.ppt

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05弹性及其应用ppt课件

Figure 1 The Price Elasticity of Demand Figure 1 The Price Elasticity of Demand Figure 1 The Price Elasticity of Demand Figure 1 The Price Elasticity of Demand Figure 1 The Price Elasticity of Demand Figure 2 Total Revenue Figure 3 How Total Revenue Changes When Price Changes: Inelastic Demand Figure 4 How Total Revenue Changes When Price Changes: Elastic Demand Ch 5. Appendix: Point Own-Price Elasticity Ch 5. Appendix: Revenue and Own-Price Elasticity of Demand Ch 5. Appendix: Revenue and Own-Price Elasticity of Demand Chapter 5. Marginal Revenue and Own-Price Elasticity of Demand Chapter5. Marginal Revenue and Own-Price Elasticity of Demand Chapter5. Marginal Revenue and Own-Price Elasticity of Demand Chapter5. Marginal Revenue and Own-Price Elasticity of Demand Arc Price Elasticity Example Q = 1000 when the price is $10 Q= 1200 when the price is reduced to $6 Find the arc price elasticity Solution: ED = %?Q/ %?P = +200/1100 - 4 / 8 or -0.3636. The answer is a number. A 1% increase in price reduces quantity by 0.36 percent. Point Price Elasticity Example Need a demand curve or demand function to find the price elasticity at a point. ED = %?Q/ %?P =(??Q/?P)(P/Q) If Q = 500 - 5?P, find the point price elasticity at P = 30; P = 50; and P = 80 ED = (??Q/?P)(P/Q) = - 5(30/350) = - 0.43 ED = (??Q/?P)(P/Q) = - 5(50/250) = - 1.0 ED = (??Q/?P)(P/Q) = - 5(80/100) = - 4.0 Appendix: Income Elasticity EY = %?Q/ %?Y = (?Q/??Y)( Y/Q) point income arc income elasticity: suppose dollar quantity of food expenditures of families of $20,000 is $5,200; and food expenditures rises to $6,760 for families earning $30,000. Find the income elasticity of food %?Q/ %?Y = (1560/5980)?(10,000/25,000) = 0.652 With a 1% increase in income, food purchases rise 0.652% Appendix.1 Income Elasticity Definitions If EY 0, then it is a normal or income superior good some goods are Luxuries: EY 1 with a high income elasticity some goods are Necessities: E