Elasticity 2
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This document discusses measuring income elasticity at a point on an Engel curve. It explains that income elasticity is measured similarly to supply elasticity by calculating the percentage change in quantity demanded divided by the percentage change in income between two points on the Engel curve. The document also briefly mentions applications of elasticity coefficients to economic policy and business decisions.
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20140613 JKE 316E_extra topic on Index Numbers
What is the uses of index numbers?
What is the differences between Paasche and Laspeyres Index?
What is the differences between price index and quantity index?
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Index numbers are used to measure percentage changes in economic variables like prices, production, and exports over time. They show changes relative to a base time period or location. There are different types of index numbers including price, quantity, and value indexes. A price index measures changes in prices over time by taking the price of commodities in the current year and expressing them as a percentage of prices in the base year.
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Index Number
- Index numbers measure relative changes in variables like prices, quantities, values over time from a base period. They are used to frame policies, reveal trends, and for deflating purposes.
- There are different methods for constructing index numbers, including simple aggregate methods, simple average of relatives methods, and weighted index numbers that assign weights.
- Common weighted indexes include the Laspeyres method which uses base period weights, the Paasche method which uses current period weights, and the Fisher Ideal Index which takes the geometric mean of the Laspeyres and Paasche.
cobb douglas production function
The Cobb-Douglas production function models the relationship between an output and inputs like labor and capital. It assumes outputs increase with inputs but at a decreasing rate. The formula relates the natural log of output to the natural log of inputs with elasticity coefficients representing the percentage change in output from a 1% change in an input. If the coefficients sum to 1 there are constant returns to scale, less than 1 is decreasing returns, and more than 1 is increasing returns. An example using Taiwan agricultural data from 1958-1972 estimated elasticities of 1.5 for labor and 0.4 for capital, indicating increasing returns to scale.
Lect8 Jan
Index numbers are used to summarize many variables or numbers with one number. Common index numbers include price indexes like the Consumer Price Index and Producer Price Index which measure inflation. Price indexes weight prices by quantities to account for items that are more or less important. The Laspeyres index uses base year quantities as weights while the Paasche index uses current year quantities as weights, with both commonly used in CPI and PPI calculations. Index numbers can then be used to deflate time series data to remove the effects of price changes.
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Basic concept of index numbers – simple and weighted index numbers – concept of weights - types of index numbers – Business index number – CPT, WPI, Sensex, Niffy, Production Index, Time series – variations in Time Series for business forecasting.
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This document discusses index numbers, which are statistical values that measure changes in variables like price or quantity over time. It covers simple index numbers calculated for a single item, composite index numbers for multiple items, and weighted index numbers that account for quantities. The most commonly used index in Australia is the Consumer Price Index (CPI), which measures price changes in a fixed basket of consumer goods and services to indicate inflation and cost of living changes. The document provides formulas and explanations for simple, composite, weighted (Laspeyres, Paasche), and Fisher's ideal indexes.
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20140613 JKE 316E_extra topic on Index Numbers
What is the uses of index numbers?
What is the differences between Paasche and Laspeyres Index?
What is the differences between price index and quantity index?
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Index numbers are used to measure percentage changes in economic variables like prices, production, and exports over time. They show changes relative to a base time period or location. There are different types of index numbers including price, quantity, and value indexes. A price index measures changes in prices over time by taking the price of commodities in the current year and expressing them as a percentage of prices in the base year.
Weighted index number - business statistics
Special For Jaipur national university Student || BBA || Weighted Index Number || Business Statics || Presentation
Index Number
- Index numbers measure relative changes in variables like prices, quantities, values over time from a base period. They are used to frame policies, reveal trends, and for deflating purposes.
- There are different methods for constructing index numbers, including simple aggregate methods, simple average of relatives methods, and weighted index numbers that assign weights.
- Common weighted indexes include the Laspeyres method which uses base period weights, the Paasche method which uses current period weights, and the Fisher Ideal Index which takes the geometric mean of the Laspeyres and Paasche.
cobb douglas production function
The Cobb-Douglas production function models the relationship between an output and inputs like labor and capital. It assumes outputs increase with inputs but at a decreasing rate. The formula relates the natural log of output to the natural log of inputs with elasticity coefficients representing the percentage change in output from a 1% change in an input. If the coefficients sum to 1 there are constant returns to scale, less than 1 is decreasing returns, and more than 1 is increasing returns. An example using Taiwan agricultural data from 1958-1972 estimated elasticities of 1.5 for labor and 0.4 for capital, indicating increasing returns to scale.
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Index numbers are used to summarize many variables or numbers with one number. Common index numbers include price indexes like the Consumer Price Index and Producer Price Index which measure inflation. Price indexes weight prices by quantities to account for items that are more or less important. The Laspeyres index uses base year quantities as weights while the Paasche index uses current year quantities as weights, with both commonly used in CPI and PPI calculations. Index numbers can then be used to deflate time series data to remove the effects of price changes.
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Index numbers
This document provides an overview of index numbers, including their meaning, features, advantages, limitations, construction methods, and examples of important index numbers. Index numbers are statistical measures used to compare economic variables, like prices or production, over time. They show percentage changes from a base period and are widely used by governments, businesses, and economists to understand inflation trends and formulate policies. The document discusses various methods for constructing index numbers, such as Laspeyre's method, Paasche's method, and Fisher's method which involve assigning weights. Important commonly used index numbers mentioned include the Consumer Price Index, Sensex, Agricultural Production Index, and Wholesale Price Index.
Weighted index numbers
The document provides examples of calculating different types of weighted index numbers to measure changes in prices over time. It discusses weighted aggregative price index numbers, which calculate total expenditures for a current and base year using item weights. It also describes weighted average of relative price index numbers. Specific methods covered include Laspeyre's index, Paasche's index, Fisher's ideal index, and Marshall-Edgeworth price index. Formulas and examples are given for calculating each type of index number from sample price and quantity data for multiple time periods.
COBB DOUGLAS PRODUCTION FUNCTION THEORY
The Cobb-Douglas production function is widely used to model the relationship between output and two inputs, labor and capital. It takes the form of P(L,K) = B*L^α*K^β, where P is total production, L is labor input, K is capital input, B is total factor productivity, and α and β are output elasticities. The function was formulated by Cobb and Douglas based on statistical evidence showing how U.S. output and the two inputs changed together from 1889-1920. It has since been widely applied despite some criticisms around its lack of microeconomic foundations.
Elasticity of substitution
The document discusses the economic implications of elasticity of substitution. It is introduced as a measure of how easily one input can be substituted for another when their prices change. Elasticity of substitution has various applications, including interpreting the substitutability of inputs, production theory involving profit maximization and cost minimization, and specifying common production functions like Cobb-Douglas, constant elasticity of substitution, and translog that determine the elasticity between input pairs. The document provides mathematical expressions and diagrams to explain these concepts.
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Concept and application of cd and ces production function in resource managem...
The document defines production functions and describes the Cobb-Douglas and CES production functions. It provides the mathematical forms and properties of each. The Cobb-Douglas production function relates output to labor and capital inputs. It is widely used in empirical analyses. The CES production function generalizes the Cobb-Douglas by allowing the elasticity of substitution to vary. Both functions exhibit constant returns to scale under certain parameter values. Examples are given of estimating production functions for various industries and crops using regression analysis.
Index number
This document discusses various types of index numbers used to measure changes in economic variables over time. It defines index numbers and describes their key characteristics and uses. It also covers different classification and construction methods of index numbers, including simple, weighted, value and chain index numbers. Examples are provided to illustrate the calculation of Laspeyres, Paasche, Fisher ideal and chain index numbers.
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Cobb Douglas Production Function
The Cobb-Douglas production function is a statistical model that relates the quantity of output to inputs of labor and capital. It is based on an empirical study by Paul Douglas and Charles Cobb of the American manufacturing industry in the 1920s. Their study found that labor contributed about 3/4 and capital about 1/4 to increases in manufacturing production. The Cobb-Douglas production function has several key properties including constant, increasing, or decreasing returns to scale depending on the sum of exponents and that average and marginal products depend on the factor ratio rather than absolute quantities.
Index number
This document provides an introduction to index numbers and their uses and characteristics. It defines an index number as a method to measure changes in price levels over time, typically expressed as a percentage. Index numbers are specialized averages that measure changes in phenomena over periods of time and allow comparisons of prices, quantities, and values between different years by relating them to a base year. The document then discusses various methods for calculating index numbers, including fixed base methods, chain base methods, weighted index numbers using Laspeyres, Paaschee and Fisher's ideal formulas, and the Marshall-Edgeworth method.
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The document summarizes key aspects of the Cobb-Douglas production function model, including:
1) The functional form of the Cobb-Douglas production function, which exhibits constant returns to scale properties based on labor and capital inputs.
2) How total factor productivity can be measured from the production function as a residual, providing a better measure than partial productivity.
3) A growth accounting formula derived from the logarithmic form of the production function that partitions GDP growth into contributions from labor, capital, and productivity.
4) How the exponent 'a' represents labor's share of output based on marginal productivity theory.
Index Number
Composite index numbers measure changes in the prices of many goods aggregated into one index number. Univariate index numbers measure changes in a single variable. Chain index numbers use a changing base year, where the previous year serves as the base for the current year. Index numbers provide relative changes but have limitations like not accounting for qualitative changes, potential errors, and lack of perfect accuracy.
Index number
This document discusses index numbers, which are statistical tools used to measure relative changes in variables such as prices or quantities over time. It defines index numbers and outlines their key features and types, including price, quantity, value, simple and composite index numbers. The document also describes several methods for constructing index numbers, such as Laspeyre's method, Paasche's method, Fisher's ideal method and consumer price indexes. Index numbers are expressed as percentages and measure the effect of changes over periods of time.
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Index numbers
This document discusses index numbers, which are ratios or averages expressed as percentages that assign a single number to represent trends across multiple statistics over time. Index numbers allow comparisons between two or more time periods by using one as a base period for standard comparison. They are specialized averages that measure relative changes from one time or place to another. Constructing index numbers involves selecting data and items, choosing base periods and weights, and selecting an appropriate formula. Index numbers are useful for policymaking, market analysis, and measuring quantitative changes, but have limitations such as sampling errors and unreliable long-term comparisons. The document also covers types of index numbers and various methods for their construction.
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This document discusses economic theories of production including isoquants, returns to scale, iso-cost lines, and conditions for output maximization. It begins by explaining properties of isoquants like shape, slope, and that higher isoquants represent greater output. It then defines constant, increasing, and decreasing returns to scale. Next, it introduces iso-cost lines as combinations of inputs that cost the same. Finally, it outlines the conditions for a firm to maximize output, which are for the isoquant and iso-cost lines to be tangent with a convex isoquant.
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Mahmudul Hasan Nakib
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Index numbers
This document provides an overview of index numbers, including their meaning, features, advantages, limitations, construction methods, and examples of important index numbers. Index numbers are statistical measures used to compare economic variables, like prices or production, over time. They show percentage changes from a base period and are widely used by governments, businesses, and economists to understand inflation trends and formulate policies. The document discusses various methods for constructing index numbers, such as Laspeyre's method, Paasche's method, and Fisher's method which involve assigning weights. Important commonly used index numbers mentioned include the Consumer Price Index, Sensex, Agricultural Production Index, and Wholesale Price Index.
Weighted index numbers
The document provides examples of calculating different types of weighted index numbers to measure changes in prices over time. It discusses weighted aggregative price index numbers, which calculate total expenditures for a current and base year using item weights. It also describes weighted average of relative price index numbers. Specific methods covered include Laspeyre's index, Paasche's index, Fisher's ideal index, and Marshall-Edgeworth price index. Formulas and examples are given for calculating each type of index number from sample price and quantity data for multiple time periods.
COBB DOUGLAS PRODUCTION FUNCTION THEORY
The Cobb-Douglas production function is widely used to model the relationship between output and two inputs, labor and capital. It takes the form of P(L,K) = B*L^α*K^β, where P is total production, L is labor input, K is capital input, B is total factor productivity, and α and β are output elasticities. The function was formulated by Cobb and Douglas based on statistical evidence showing how U.S. output and the two inputs changed together from 1889-1920. It has since been widely applied despite some criticisms around its lack of microeconomic foundations.
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The document discusses the economic implications of elasticity of substitution. It is introduced as a measure of how easily one input can be substituted for another when their prices change. Elasticity of substitution has various applications, including interpreting the substitutability of inputs, production theory involving profit maximization and cost minimization, and specifying common production functions like Cobb-Douglas, constant elasticity of substitution, and translog that determine the elasticity between input pairs. The document provides mathematical expressions and diagrams to explain these concepts.
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INDEX NUMBERS
Economic activities have constant tendency to change. Prices of commodities which arc the total result of number of economic activities also have a tendency to fluctuate. The problem of change in prices is very important. But it is not very simple to study this problem and derive conclusions because price of different commodities change by different degrees. Hence, there is a great need for a device which can smoothen the irregularities in the prices to obtain a conclusion.
Our institute AMEND EDUCATION ACADEMY works in the direction to educate the students in the best possible way
Concept and application of cd and ces production function in resource managem...
The document defines production functions and describes the Cobb-Douglas and CES production functions. It provides the mathematical forms and properties of each. The Cobb-Douglas production function relates output to labor and capital inputs. It is widely used in empirical analyses. The CES production function generalizes the Cobb-Douglas by allowing the elasticity of substitution to vary. Both functions exhibit constant returns to scale under certain parameter values. Examples are given of estimating production functions for various industries and crops using regression analysis.
Index number
This document discusses various types of index numbers used to measure changes in economic variables over time. It defines index numbers and describes their key characteristics and uses. It also covers different classification and construction methods of index numbers, including simple, weighted, value and chain index numbers. Examples are provided to illustrate the calculation of Laspeyres, Paasche, Fisher ideal and chain index numbers.
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There are different types of index numbers that can be used to measure how a variable changes over time. Weighted index numbers are more accurate than simple index numbers because they assign greater importance to items that see larger changes in price or quantity. Common types of weighted index numbers include Laspeyres, Paasche, and Fisher indexes. Calculating accurate index numbers can be challenging due to issues like incompatible data, inappropriate weighting factors, and improperly selected base years.
Cobb Douglas Production Function
The Cobb-Douglas production function is a statistical model that relates the quantity of output to inputs of labor and capital. It is based on an empirical study by Paul Douglas and Charles Cobb of the American manufacturing industry in the 1920s. Their study found that labor contributed about 3/4 and capital about 1/4 to increases in manufacturing production. The Cobb-Douglas production function has several key properties including constant, increasing, or decreasing returns to scale depending on the sum of exponents and that average and marginal products depend on the factor ratio rather than absolute quantities.
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This document provides an introduction to index numbers and their uses and characteristics. It defines an index number as a method to measure changes in price levels over time, typically expressed as a percentage. Index numbers are specialized averages that measure changes in phenomena over periods of time and allow comparisons of prices, quantities, and values between different years by relating them to a base year. The document then discusses various methods for calculating index numbers, including fixed base methods, chain base methods, weighted index numbers using Laspeyres, Paaschee and Fisher's ideal formulas, and the Marshall-Edgeworth method.
Cobb douglas
The document summarizes key aspects of the Cobb-Douglas production function model, including:
1) The functional form of the Cobb-Douglas production function, which exhibits constant returns to scale properties based on labor and capital inputs.
2) How total factor productivity can be measured from the production function as a residual, providing a better measure than partial productivity.
3) A growth accounting formula derived from the logarithmic form of the production function that partitions GDP growth into contributions from labor, capital, and productivity.
4) How the exponent 'a' represents labor's share of output based on marginal productivity theory.
Index Number
Composite index numbers measure changes in the prices of many goods aggregated into one index number. Univariate index numbers measure changes in a single variable. Chain index numbers use a changing base year, where the previous year serves as the base for the current year. Index numbers provide relative changes but have limitations like not accounting for qualitative changes, potential errors, and lack of perfect accuracy.
Index number
This document discusses index numbers, which are statistical tools used to measure relative changes in variables such as prices or quantities over time. It defines index numbers and outlines their key features and types, including price, quantity, value, simple and composite index numbers. The document also describes several methods for constructing index numbers, such as Laspeyre's method, Paasche's method, Fisher's ideal method and consumer price indexes. Index numbers are expressed as percentages and measure the effect of changes over periods of time.
Production pgp
Production is the conversion of inputs (resources) into outputs (goods and services) to satisfy human wants. A production function expresses the relationship between physical inputs and outputs. The Cobb-Douglas production function assumes a constant relationship between percentage changes in inputs and output. Isoquants represent combinations of inputs that produce the same level of output, with properties like being negatively sloped and convex to the origin. Isocost lines illustrate combinations of inputs that can be employed at a given total cost.
Isocost
The document discusses isoquants and isocost curves. An isoquant shows the different combinations of two inputs, like labor and capital, that produce the same level of output. An isocost curve shows the combinations of inputs that can be purchased at a given total cost, given input prices. Together, isoquants and isocost curves can be used to find the cost-minimizing combination of inputs for a given level of output. The point where the isoquant is tangent to the isocost curve indicates the lowest cost combination.
Index numbers
This document discusses index numbers, which are ratios or averages expressed as percentages that assign a single number to represent trends across multiple statistics over time. Index numbers allow comparisons between two or more time periods by using one as a base period for standard comparison. They are specialized averages that measure relative changes from one time or place to another. Constructing index numbers involves selecting data and items, choosing base periods and weights, and selecting an appropriate formula. Index numbers are useful for policymaking, market analysis, and measuring quantitative changes, but have limitations such as sampling errors and unreliable long-term comparisons. The document also covers types of index numbers and various methods for their construction.
Theory of Production
This document discusses economic theories of production including isoquants, returns to scale, iso-cost lines, and conditions for output maximization. It begins by explaining properties of isoquants like shape, slope, and that higher isoquants represent greater output. It then defines constant, increasing, and decreasing returns to scale. Next, it introduces iso-cost lines as combinations of inputs that cost the same. Finally, it outlines the conditions for a firm to maximize output, which are for the isoquant and iso-cost lines to be tangent with a convex isoquant.
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- A market is in equilibrium when the demand curve and the supply curve intersect.
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Elasticity of demand
Elasticity measures the responsiveness of demand to changes in price or income. There are several types of elasticity:
1. Price elasticity measures how quantity demanded responds to changes in price. It can be perfectly elastic, perfectly inelastic, relatively elastic, or relatively inelastic depending on the proportion of change in quantity versus price.
2. Income elasticity measures how quantity demanded responds to changes in consumer income. It can be positive, negative, or zero depending on whether demand moves in the same direction, opposite direction, or does not change with income.
3. Cross elasticity measures how the demand for one good responds to price changes in another good. It can be positive, negative, or
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.
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.
05-elasticity.pptx
Elasticity is a measure of how responsive one variable is to changes in another variable. The price elasticity of demand measures the responsiveness of quantity demanded to a change in price. It is calculated as the percentage change in quantity divided by the percentage change in price. Demand can be inelastic (PED < 1), unit-elastic (PED = 1), or elastic (PED > 1) depending on the magnitude of the price elasticity. The slope of the demand curve and the value of the price elasticity are closely related, with a more elastic demand represented by a flatter curve.
Economics ch 3
This document discusses the concept of price elasticity of demand (PED). It defines PED as a measure of how much quantity demanded of a good changes in response to a change in price. The document provides the formula for calculating PED and gives examples of its application. It describes different types of elasticities including inelastic, elastic, unit elastic, perfectly inelastic and perfectly elastic demand. It also discusses how PED relates to a good's total revenue and the factors that determine a good's price elasticity.
Price System
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded.
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.
Demand analysis (2)
This document discusses concepts related to demand analysis including:
1. Demand is defined as the willingness and ability of consumers to purchase a good at different prices, as shown through demand schedules and curves.
2. The law of demand states that as price increases, quantity demanded decreases, assuming other factors remain constant.
3. Factors that influence demand include income, price of substitutes and complements, tastes and preferences.
4. An increase in demand shifts the demand curve to the right, while a decrease shifts it left, changing the quantity demanded at each price level.
Economics - Concept of Demand and Supply Elasticity
Measures the responsiveness of one variable to a certain change of another variable.
“Measures”, reported as numbers or coefficients.
“Responsiveness”, meaning reaction to change.
Thus, any change causes people to react, and elasticity measures this extent to which the people react.
Proportional measure or percentage change in the variables measures the responsiveness of consumers and producers.
Economics - Concept of Demand and Supply Elasticity
Elasticity measures the responsiveness of one variable to a certain change of another variable. “Measures”, reported as numbers or coefficients. “Responsiveness”, meaning reaction to change. Thus, any change causes people to react, and elasticity measures this extent to which the people react. Proportional measure or percentage change in the variables measures the responsiveness of consumers and producers.
Economics-Elasticity.pptx
This document discusses price elasticity and arc elasticity of demand. It defines elasticity as measuring the responsiveness of one variable to a change in another. Price elasticity of demand specifically measures how quantity demanded responds to changes in price. It can be elastic (PED>1), inelastic (PED<1), or unitary (PED=1). Arc elasticity measures elasticity between two points using the midpoint formula, while point elasticity is the limit as the distance between points approaches zero. The document provides examples of computing price elasticity from demand curves and data tables.
Elasticity.ppt
Elasticity measures the responsiveness of one variable to changes in another variable. Price elasticity of demand specifically measures how sensitive consumers are to changes in a good's price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. Elasticity can be elastic (above 1), inelastic (below 1), or unitary elastic (equal to 1). The elasticity of a good informs whether total revenue increases or decreases when the price is changed.
Elasticityofdemand ppt-100117041420-phpapp02
This presentation discusses different types of elasticity, including price elasticity of demand, income elasticity of demand, elasticity of substitution, cross elasticity of demand, and advertising elasticity of demand. It defines these concepts and provides examples of how each can be measured. The key types of elasticity discussed are perfectly elastic, relatively elastic, unitary elastic, relatively inelastic, and perfectly inelastic demand. Factors that can impact each type of elasticity are also outlined.
Demand Elasticity 97 2003
The document discusses different types of elasticity of demand including price elasticity, income elasticity, cross elasticity, substitution elasticity, and advertising elasticity. It defines each type and provides formulas for measuring elasticity. Some key points include:
- 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.
- Substitution elasticity measures how easily consumers can substitute one
Supply & Elasticity of Supply.
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
Supply analysisppt
Supply analysis
Its related with the behavior of producer.
Schedules of qty of commodities dt is offered for sale
Supply is different than stock
Stock is totl volume of commodities brought into market for sale.
“amt of commodity or service that producers are wlling & able to offer far a sale at a given price at a particular period of time or any period of time
Law of supply
Other thins being same, as price of a commodity rises ,its supply is extended & price falls, its supply is contracted.
Supply schedule
Fig….
Supply curve
Fig…
Assumptions of
No of firms in mkt same
Production sld not change
Mkt prices of related goods sld not change
Mtav same
No other inputs sld b available
Features of..
Direct r/n b/n qty supplied & price
Supply is dependent price is independent
Not a universal law
cUrve slopes upwards from left o right
Exceptions to..
Price rise or low supply has not influence
Curve slopes backwards
Ex subsistence farming
When seller badly needs money
Not interested in max profits
Auction sale exceptional
Get rid of goods
Determinants of supply
Fig…
Supply function
Qx = F(Px Py PI Pi T M T
ELASTICITY OF SUPPLY
Response of supply to change in the price of a commodity
Pe = % change in qty supplied
% change in price
Table…
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
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Economics - Concept of Demand and Supply Elasticity
Economics - Concept of Demand and Supply Elasticity
Economics - Concept of Demand and Supply Elasticity
Economics - Concept of Demand and Supply Elasticity
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Elasticity 2
- 1. Elasticity II Dadhi Adhikari Ace Institute of Management
- 2. Income elasticity at Engel Curve • Engel curve shows the relationship between income and quantity purchased. • For normal goods Engel curve slopes upward. • To measure income elasticity at point R we follow the same procedure as in supply elasticity Engel Curve T O B Income Quantity R
- 3. Supply Elasticity • Definition: Percent change in quantity supplied due to one percent change in price Q P P Q SupplyofElasticity s * ∆ ∆ =
- 4. Measuring supply elasticity • We want to measure elasticity at point R S T O B R OB TB E OB BR TBBRQ P slope E Q P P Q SupplyofElasticity s = == ∆ ∆ = * 11 * S T O B S T O B
- 5. Application of Elasticity • Concept and coefficient of elasticity have several application. • Economic policy-give example from book. • Business – give example from book
- 6. Reference • H.L. Ahuja • Watson and Getz
- 7. Reference • H.L. Ahuja • Watson and Getz