Elasticities of demand and supply
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Price elasticity of demand is a measure of how much the quantity demanded of a good changes in response to changes in the price of that good. It is calculated by comparing the percentage change in quantity demanded to the percentage change in price. The document also discusses price elasticity of supply, cross elasticity, and income elasticity.
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Elasticities of Demand and Supply and Application
Elasticities of Demand and Supply and Application
[1] Elasticity refers to the responsiveness of quantity demanded or supplied to changes in factors like price and income. There are different types of elasticity including own price elasticity and cross price elasticity.
[2] Elasticities are measured using the percentage change formula and can be point or arc elasticities. Own price elasticity measures the responsiveness of quantity to price changes. Inelastic demands are less responsive than elastic demands.
[3] Elasticities help determine how taxes impact consumers versus producers. Demands more elastic than supply means producers bear more of the tax burden.
Application of supply and demand
Price elasticity of demand measures how much quantity demanded changes with price changes. Elastic demand occurs when quantity responds greatly to price changes, while inelastic demand means quantity responds little. Calculating elasticity involves finding the percentage changes in quantity and price. There are different types of elasticity including unit elastic, where a 1% price increase causes a 1% quantity decrease. Related goods include substitutes, which are alternatives when prices rise, and complements, which are consumed together. Shifts in supply can change the mix of goods and services provided.
Elasticity of demand and supply
The document discusses different types of elasticity of demand including price elasticity, income elasticity, and cross elasticity. It defines each type of elasticity using formulas and provides examples of how to calculate each. It also explains how businesses can use an understanding of elasticity of demand to inform pricing, product differentiation, and other strategic decisions.
Elasticity of demand and supply
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PRICE ELASTICITY OF SUPPLY WITH EXAMPLES
Price elasticity of supply measures how responsive the quantity supplied of a good is to changes in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price. The elasticity can be elastic (above 1), inelastic (below 1), unitary (equal to 1), perfectly elastic (infinite), or perfectly inelastic (zero). Factors like time, production capacity, and available inventory affect a good's price elasticity of supply. An example is provided where an individual's supply of bags was elastic, with a price elasticity of 4, as quantity supplied increased by 100% when price rose by 25%.
Elasticity Of Demand And Supply
This document discusses concepts related to price elasticity of demand and supply. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It categorizes elasticity as elastic (above 1), unit elastic (equal to 1), or inelastic (below 1). Price elasticity determines how total revenue is affected by a price change. The document also discusses determinants of elasticity, income elasticity of demand, and cross-price elasticity.
Ppt elasticity
This document discusses the concepts of price elasticity of demand and supply. It defines price elasticity of demand as a measure of how much quantity demanded responds to changes in price. Demand can be elastic, inelastic, or unit elastic depending on if the percentage change in quantity is greater than, less than, or equal to the percentage change in price. Factors like availability of substitutes and necessity of a good influence elasticity. Price elasticity of supply is defined similarly for quantity supplied responses to price changes. Production possibilities and storage abilities impact supply elasticity. Formulas are provided to calculate elasticities from percentage changes. Total revenue tests and expenditure tests can also indicate elasticity.
5 elasticity of demand_and_supply
This document discusses different types of elasticity, including price elasticity of demand, cross elasticity of demand, and income elasticity of demand. It explains how to measure elasticity using various methods like percentage change method, total expenditure method, point method, and arc method. Factors affecting price elasticity of demand are also covered, such as availability of substitutes, consumer loyalty, necessities vs luxuries, and proportion of income spent. The relationship between elasticity and total revenue is described. Demand can be perfectly inelastic, inelastic, unitary elastic, or perfectly elastic depending on the responsiveness of quantity to price changes.
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Elasticities of Demand and Supply and Application
Elasticities of Demand and Supply and Application
[1] Elasticity refers to the responsiveness of quantity demanded or supplied to changes in factors like price and income. There are different types of elasticity including own price elasticity and cross price elasticity.
[2] Elasticities are measured using the percentage change formula and can be point or arc elasticities. Own price elasticity measures the responsiveness of quantity to price changes. Inelastic demands are less responsive than elastic demands.
[3] Elasticities help determine how taxes impact consumers versus producers. Demands more elastic than supply means producers bear more of the tax burden.
Application of supply and demand
Price elasticity of demand measures how much quantity demanded changes with price changes. Elastic demand occurs when quantity responds greatly to price changes, while inelastic demand means quantity responds little. Calculating elasticity involves finding the percentage changes in quantity and price. There are different types of elasticity including unit elastic, where a 1% price increase causes a 1% quantity decrease. Related goods include substitutes, which are alternatives when prices rise, and complements, which are consumed together. Shifts in supply can change the mix of goods and services provided.
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The document discusses different types of elasticity of demand including price elasticity, income elasticity, and cross elasticity. It defines each type of elasticity using formulas and provides examples of how to calculate each. It also explains how businesses can use an understanding of elasticity of demand to inform pricing, product differentiation, and other strategic decisions.
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Price elasticity of supply measures how responsive the quantity supplied of a good is to changes in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price. The elasticity can be elastic (above 1), inelastic (below 1), unitary (equal to 1), perfectly elastic (infinite), or perfectly inelastic (zero). Factors like time, production capacity, and available inventory affect a good's price elasticity of supply. An example is provided where an individual's supply of bags was elastic, with a price elasticity of 4, as quantity supplied increased by 100% when price rose by 25%.
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Ppt elasticity
This document discusses the concepts of price elasticity of demand and supply. It defines price elasticity of demand as a measure of how much quantity demanded responds to changes in price. Demand can be elastic, inelastic, or unit elastic depending on if the percentage change in quantity is greater than, less than, or equal to the percentage change in price. Factors like availability of substitutes and necessity of a good influence elasticity. Price elasticity of supply is defined similarly for quantity supplied responses to price changes. Production possibilities and storage abilities impact supply elasticity. Formulas are provided to calculate elasticities from percentage changes. Total revenue tests and expenditure tests can also indicate elasticity.
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The document discusses elasticity of supply and demand. It defines elasticity of supply as the responsiveness of quantity supplied to a price change when other factors remain constant. Elasticity of demand refers to the responsiveness of quantity demanded to a price change. It also discusses how elasticity/inelasticity affects total revenue when price changes. Specifically, a price cut increases total revenue if demand is elastic but decreases it if demand is inelastic. The document provides formulas for calculating elasticities and discusses factors that influence elasticity, such as availability of substitutes and proportion of income spent.
2 demand-supply and elasticity
Okay, here are the steps:
1) Demand function: P = 15 - Q/10
2) Total Revenue function: TR = P * Q
3) Substitute P into TR: TR = (15 - Q/10) * Q
4) Take the derivative of TR with respect to Q to find MR: MR = 15 - 2Q/10
5) Set MR = 0 to find the quantity where TR is maximized:
15 - 2Q/10 = 0
2Q/10 = 15
Q = 75
So total revenue is maximized at a quantity of 75 units, where the price is €7.50
(using the demand function) and elasticity is
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The document discusses the concept of elasticity, which measures the responsiveness of one variable to another. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Demand is elastic if this value is greater than 1, and inelastic if less than 1. The document also discusses determining elasticity between points on demand and supply curves, and how elasticity changes along straight-line curves and depends on the availability of substitutes and importance of the good.
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2. Demand is more elastic when goods are luxuries, there are substitutes, consumers have time to adjust, or the good is a small part of budgets. Supply is more elastic when production can be increased easily in the short-run or goods can be stored.
3. Income elasticity measures how quantity demanded changes with income changes. Cross elasticity measures how quantity demanded changes with price changes of related goods like substitutes or complements.
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This document discusses the concept of price elasticity of supply. It defines price elasticity of supply as the change in quantity supplied of a product due to a change in price. There are five types of price elasticity of supply: perfectly elastic, relatively elastic, unitary elastic, relatively inelastic, and perfectly inelastic. The document provides examples of supply curves for each type and methods for measuring price elasticity, including percentage and geometric methods. Factors that can impact a supply's price elasticity are also outlined, such as time period, nature of the product, production techniques, and input costs. The concept of price elasticity of supply has practical importance for business decisions, tax policy, determining factor rewards, and international trade terms
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The document defines key economic concepts: demand refers to how much consumers want to buy at different prices, while supply refers to how much producers want to sell. Both demand and supply are represented by curves that shift due to various influences. Market equilibrium exists when demand and supply are equal, where the quantity demanded equals the quantity supplied. The equilibrium price clears the market.
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The document discusses various concepts related to elasticity, including:
- Price elasticity of demand measures the responsiveness of quantity demanded to price changes. Inelastic demand means a small change in quantity despite a large price change.
- Determinants of elasticity include the availability of substitutes, the time period considered, and whether a product is a necessity or luxury.
- Elastic supply means suppliers can quickly adjust quantity supplied in response to price changes. Inelastic supply means difficulty changing quantity supplied despite price fluctuations.
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This document discusses the concept of elasticity of demand in economics. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in a determinant of demand. The key determinants discussed are price, income, and the price of related goods. The document outlines different types of price elasticity including perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic. It also discusses methods for measuring price elasticity including percentage, point, and arc methods. Finally, it covers income elasticity and cross elasticity as well as factors that influence elasticity and applications of elasticity concepts.
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Elasticity refers to the rate of change of quantity demanded or supplied with respect to changes in factors like price. There are different types of elasticity including price elasticity of demand, which measures responsiveness of quantity demanded to price changes, and price elasticity of supply, which measures responsiveness of quantity supplied to price changes. Elasticity can take on different values that indicate the degree or characteristics of responsiveness, such as perfectly inelastic, inelastic, unitary, or perfectly elastic. Factors like availability of substitutes and time period can impact price elasticity.
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This document discusses key concepts related to demand and supply, including:
1) Demand and supply schedules show the relationship between price and quantity at different price levels. Demand and supply curves graph this relationship.
2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
3) Equilibrium occurs where quantity demanded equals quantity supplied. Price controls can result in surpluses or shortages from the equilibrium.
4) Elasticity measures the responsiveness of one variable to changes in another. It is used to analyze how changes in price or other factors affect revenue and consumer behavior.
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Elasticity measures how responsive buyers and sellers are to changes in market conditions like price and income. Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price. Price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price. Elasticity analysis can be used to determine how changes in supply or demand will impact market equilibrium and total revenue.
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2 demand-supply and elasticity
Okay, here are the steps:
1) Demand function: P = 15 - Q/10
2) Total Revenue function: TR = P * Q
3) Substitute P into TR: TR = (15 - Q/10) * Q
4) Take the derivative of TR with respect to Q to find MR: MR = 15 - 2Q/10
5) Set MR = 0 to find the quantity where TR is maximized:
15 - 2Q/10 = 0
2Q/10 = 15
Q = 75
So total revenue is maximized at a quantity of 75 units, where the price is €7.50
(using the demand function) and elasticity is
Bec doms ppt on the elasticity of demand
The document discusses the concept of elasticity, which measures the responsiveness of one variable to another. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Demand is elastic if this value is greater than 1, and inelastic if less than 1. The document also discusses determining elasticity between points on demand and supply curves, and how elasticity changes along straight-line curves and depends on the availability of substitutes and importance of the good.
Bec doms ppt on elasticity
1. Price elasticity measures how much quantity demanded or supplied changes in response to changes in price. It is calculated as the percentage change in quantity divided by the percentage change in price.
2. Demand is more elastic when goods are luxuries, there are substitutes, consumers have time to adjust, or the good is a small part of budgets. Supply is more elastic when production can be increased easily in the short-run or goods can be stored.
3. Income elasticity measures how quantity demanded changes with income changes. Cross elasticity measures how quantity demanded changes with price changes of related goods like substitutes or complements.
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This document discusses the concept of price elasticity of supply. It defines price elasticity of supply as the change in quantity supplied of a product due to a change in price. There are five types of price elasticity of supply: perfectly elastic, relatively elastic, unitary elastic, relatively inelastic, and perfectly inelastic. The document provides examples of supply curves for each type and methods for measuring price elasticity, including percentage and geometric methods. Factors that can impact a supply's price elasticity are also outlined, such as time period, nature of the product, production techniques, and input costs. The concept of price elasticity of supply has practical importance for business decisions, tax policy, determining factor rewards, and international trade terms
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- Price elasticity of demand measures the responsiveness of quantity demanded to price changes. Inelastic demand means a small change in quantity despite a large price change.
- Determinants of elasticity include the availability of substitutes, the time period considered, and whether a product is a necessity or luxury.
- Elastic supply means suppliers can quickly adjust quantity supplied in response to price changes. Inelastic supply means difficulty changing quantity supplied despite price fluctuations.
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This document discusses the concept of elasticity of demand in economics. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in a determinant of demand. The key determinants discussed are price, income, and the price of related goods. The document outlines different types of price elasticity including perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic. It also discusses methods for measuring price elasticity including percentage, point, and arc methods. Finally, it covers income elasticity and cross elasticity as well as factors that influence elasticity and applications of elasticity concepts.
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Elasticity refers to the rate of change of quantity demanded or supplied with respect to changes in factors like price. There are different types of elasticity including price elasticity of demand, which measures responsiveness of quantity demanded to price changes, and price elasticity of supply, which measures responsiveness of quantity supplied to price changes. Elasticity can take on different values that indicate the degree or characteristics of responsiveness, such as perfectly inelastic, inelastic, unitary, or perfectly elastic. Factors like availability of substitutes and time period can impact price elasticity.
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This document discusses key concepts related to demand and supply, including:
1) Demand and supply schedules show the relationship between price and quantity at different price levels. Demand and supply curves graph this relationship.
2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
3) Equilibrium occurs where quantity demanded equals quantity supplied. Price controls can result in surpluses or shortages from the equilibrium.
4) Elasticity measures the responsiveness of one variable to changes in another. It is used to analyze how changes in price or other factors affect revenue and consumer behavior.
Elasticity Concepts
Elasticity measures how responsive buyers and sellers are to changes in market conditions like price and income. Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price. Price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price. Elasticity analysis can be used to determine how changes in supply or demand will impact market equilibrium and total revenue.
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The document discusses elasticity, specifically price elasticity of demand. It defines elasticity and explains how to calculate the price elasticity of demand using percentage changes in price and quantity. It provides examples of calculating price elasticity of demand values for different goods. It also categorizes goods based on their elasticity, such as inelastic, elastic, unit elastic and perfectly inelastic/elastic demands. Additional factors that can impact a good's elasticity are discussed such as availability of substitutes, necessities vs luxuries, the time horizon, and importance in a buyer's budget.
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- Price elasticity measures the responsiveness of demand to a change in price. It can be perfectly elastic, unitary, or perfectly inelastic.
- Income elasticity indicates whether a good is a necessity or luxury based on whether demand increases or decreases with income.
- Cross elasticity captures the relationship between the demand for one good and the price of another good, such as substitutes or complements.
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The document discusses price elasticity of demand, which measures how much demand for a good changes in response to changes in price. It defines five types of price elasticity: unit elasticity, where demand changes proportionally to price; more elastic, where demand changes more than proportionally; more inelastic, where demand changes less than proportionally; perfectly inelastic, where demand does not change with price; and perfectly elastic, where price does not change with demand. Factors like availability of substitutes, whether a good is a necessity or luxury, time horizon, and price relative to income determine a good's price elasticity.
price elasticity of Demand ppt.pptx
The document discusses elasticity of demand, specifically price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. It describes different points on the demand curve where price elasticity is zero (perfectly inelastic), one (unitary), greater than one (elastic), less than one (inelastic), and infinity (perfectly elastic). The document also lists determinants of price elasticity of demand such as availability of substitutes, position in consumer's budget, and time period.
Price elasticity of demand
Power Point Presentation on Price elasticity of demand useful for students to make project on economics for 12th board examination.
Managerial economics session 3 1
Here are some ways the concept of price elasticity can be used in business decisions:
1. Maruti Udyog - If cross price elasticity of demand between Zen and Alto is high (i.e. they are close substitutes), then a price decrease for one model can help boost its sales by diverting demand from the other. This information helps in pricing strategies.
2. HP - Since laptops and printers are complements, a price decrease in one will lead to an increase in demand for both by virtue of complementarity. So bundle pricing or discounts on both can boost revenues.
3. Diamond factory - Since supply of skilled labor is fixed in short run, elasticity of supply of labor is low
7 elasticity of demand
This document defines and explains the concept of elasticity of demand. It discusses price elasticity of demand, income elasticity of demand, cross elasticity of demand, advertising elasticity of demand, and elasticity of substitution. It provides formulas for calculating each type and discusses factors that affect elasticity. Price elasticity measures responsiveness of demand to price changes. Income elasticity measures responsiveness of demand to changes in consumer income. Cross elasticity measures responsiveness of one good's demand to price changes in another good. Advertising elasticity measures responsiveness of demand to changes in advertising expenditures. Elasticity of substitution measures how easily one good can be substituted for another.
Supply elasticity
This document discusses supply elasticities and their uses for managers. It defines supply as the quantity offered for sale at a given price during a period of time. The law of supply states that quantity supplied increases with price, shown by an upward sloping supply curve. Supply is affected by factors like costs of production, technology, and government policy. Price elasticity of supply measures the responsiveness of quantity supplied to price changes. Elasticities help classify goods and markets, determine pricing policies for related products, and define industry boundaries.
2Elasticity Analysis.pdf
This document discusses price elasticity of demand. It defines price elasticity as a measure of how responsive the quantity demanded is to changes in price, with all other factors held constant. An elastic demand means a large change in quantity demanded for a small change in price. Inelastic demand means a small change in quantity demanded for a large change in price. The document provides the formula for calculating price elasticity and illustrates examples of perfectly inelastic, unit elastic, and perfectly elastic demand curves. It also discusses how price elasticity relates to total revenue and the factors that influence a good's elasticity, such as availability of substitutes and proportion of income spent.
2Elasticity Analysis.pdf
This document discusses price elasticity of demand, including how to calculate it using percentage changes in price and quantity demanded. It explains that elasticity can be used to determine how total revenue will change if price changes, and identifies factors that influence a good's elasticity, such as availability of substitutes. Elasticity of demand can be perfectly inelastic, unit elastic, or perfectly elastic. The document also introduces concepts of cross elasticity of demand and income elasticity of demand.
Lecture 4 elsasticity
This document discusses different types of elasticity, including price elasticity, income elasticity, and cross elasticity. It defines elasticity as a measure of the responsiveness of one variable to changes in another. Price elasticity measures how much demand or supply changes with price changes. Income elasticity measures how demand changes with income changes. Cross elasticity measures how demand for one good changes with price changes in a related good. The document also discusses factors that determine elasticity and the importance of understanding elasticity concepts.
Demand Elasticity Default
This document discusses various types of elasticity of demand including price elasticity, income elasticity, cross elasticity, and advertising elasticity. It defines these concepts and provides formulas for measuring elasticity. Several types of elasticity are described for each category such as perfectly inelastic, relatively elastic, etc. Methods for measuring elasticity including percentage, total expenditure, and geometric methods are also outlined. Finally, the document discusses factors that influence different types of elasticity and their practical importance.
Elasticity & forecasting
Elasticity measures how responsive demand or supply is to changes in price. Price elasticity of demand specifically refers to the percentage change in quantity demanded given a percentage change in price. Elasticity is calculated using various methods and provides important insights for businesses in determining pricing and revenue impacts. Forecasting demand, including for new products, allows businesses to effectively plan resources and operations.
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Tax, taxation, forms of escape from taxation, computation, fiscal policy
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Elasticities of demand and supply
- 2. Price Elasticity of demand A measure of the extent to which the quantity demanded of a good changes when the price of the good changes. To determine the price elasticity of demand, we compare the percentage change in the quantity demanded with the percentage change in price.
- 3. THE PRICE ELASTICITY OF DEMAND :
- 6. Continuation… Percent change in price= New price- Initial Price (New Price + Initial Price) ÷ 2 X 100
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- 36. THE PRICE ELASTICITY OF SUPPLY
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- 48. CROSS ELASTICITY AND INCOME ELASTICITY
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