[经济学]曼昆微观经济学原理 第五章 PPT.pptVIP

[经济学]曼昆微观经济学原理 第五章 PPT.ppt

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[经济学]曼昆微观经济学原理 第五章 PPT

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ELASTICITY AND ITS APPLICATION * Price Elasticity and Total Revenue Now, demand is inelastic: elasticity = 0.82 P Q D $200 12 If P = $200, Q = 12 and revenue = $2400. $250 10 If P = $250, Q = 10 and revenue = $2500. When D is inelastic, a price increase causes revenue to rise. 0 lost revenue due to lower Q increased revenue due to higher P Demand for your websites A. Pharmacies raise the price of insulin by 10%. Does total expenditure on insulin rise or fall? B. As a result of a fare war, the price of a luxury cruise falls 20%. Does luxury cruise companies’ total revenue rise or fall? A C T I V E L E A R N I N G 2 Elasticity and expenditure/revenue * A C T I V E L E A R N I N G 2 Answers * A. Pharmacies raise the price of insulin by 10%. Does total expenditure on insulin rise or fall? Expenditure = P x Q Since demand is inelastic, Q will fall less than 10%, so expenditure rises. A C T I V E L E A R N I N G 2 Answers * B. As a result of a fare war, the price of a luxury cruise falls 20%. Does luxury cruise companies’ total revenue rise or fall? Revenue = P x Q The fall in P reduces revenue, but Q increases, which increases revenue. Which effect is bigger? Since demand is elastic, Q will increase more than 20%, so revenue rises. ELASTICITY AND ITS APPLICATION * Price Elasticity of Supply Price elasticity of supply measures how much Qs responds to a change in P. Price elasticity of supply = Percentage change in Qs Percentage change in P Loosely speaking, it measures sellers’ price-sensitivity. Again, use the midpoint method to compute the percentage changes. 0 ELASTICITY AND ITS APPLICATION * Q2 Price Elasticity of Supply Price elasticity of supply equals 0 P Q S P2 Q1 P1 P rises by 8% Q rises by 16% 16% 8% = 2.0 Price elasticity of supply = Percentage change in Qs Percentage

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