Quiz about elasticity
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This document defines key concepts relating to elasticity, including: price elasticity of demand which measures how quantity demanded responds to price changes; perfectly elastic demand where quantity demanded changes significantly with small price changes; inelastic demand where quantity demanded changes less than price; and perfectly inelastic demand where quantity demanded does not change with price. It also defines similar concepts for price elasticity of supply.
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Price elasticity of supply
This document discusses the elasticity of supply. It defines supply and the law of supply. Elasticity of supply refers to the responsiveness of quantity supplied to changes in price. There are five types of elasticity: perfectly elastic, perfectly inelastic, elastic, inelastic, and unit elastic. Determinants that impact elasticity include the time period available to adjust supply, improvements in technology, stock availability, number of producers, and increases in production costs relative to output.
Elasticity of supply
This document defines elasticity of supply as the responsiveness of the quantity supplied of a good to a change in its price. It provides a formula for calculating elasticity of supply and describes different types of supply elasticity, including perfect inelastic supply where quantity supplied does not change with price changes, relatively less-elastic supply where supply changes less than proportionately to price changes, relatively greater elastic supply where supply changes substantially to small price changes, unit elastic supply where supply changes exactly proportionately to price changes, and perfect elastic supply where supply is infinite at a given price point.
Price Elasticity Of Supply
The document discusses price elasticity of supply, which measures how much a supplier's quantity supplied responds to changes in price. It defines the coefficient of price elasticity of supply and explains that supply can be elastic, inelastic, or unitary depending on whether a percentage change in price results in a greater, lesser, or equal percentage change in quantity supplied. Examples of perfectly elastic and perfectly inelastic supply curves are also provided.
Demand
Elasticity of demand measures the responsiveness of demand for a good to changes in various factors like price, income, and prices of related goods. There are three main types of elasticity of demand - price elasticity measures the change in quantity demanded from a change in price, income elasticity measures the change from a change in consumer income, and cross elasticity measures the change from a change in price of a related good. Price elasticity can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unitary elastic depending on the magnitude of change in quantity demanded compared to change in price.
Demand
The document discusses different types of elasticity of demand, including price elasticity, income elasticity, and cross elasticity. It defines each type and provides examples. Price elasticity refers to the responsiveness of demand for a good to changes in its price. There are several types including perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic demand. Income elasticity measures the change in demand for a good with a change in consumer income. Cross elasticity refers to the change in demand for one good in response to a price change in another good.
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This document discusses the elasticity of supply. It defines supply and the law of supply. Elasticity of supply refers to the responsiveness of quantity supplied to changes in price. There are five types of elasticity: perfectly elastic, perfectly inelastic, elastic, inelastic, and unit elastic. Determinants that impact elasticity include the time period available to adjust supply, improvements in technology, stock availability, number of producers, and increases in production costs relative to output.
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This document defines elasticity of supply as the responsiveness of the quantity supplied of a good to a change in its price. It provides a formula for calculating elasticity of supply and describes different types of supply elasticity, including perfect inelastic supply where quantity supplied does not change with price changes, relatively less-elastic supply where supply changes less than proportionately to price changes, relatively greater elastic supply where supply changes substantially to small price changes, unit elastic supply where supply changes exactly proportionately to price changes, and perfect elastic supply where supply is infinite at a given price point.
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The document discusses price elasticity of supply, which measures how much a supplier's quantity supplied responds to changes in price. It defines the coefficient of price elasticity of supply and explains that supply can be elastic, inelastic, or unitary depending on whether a percentage change in price results in a greater, lesser, or equal percentage change in quantity supplied. Examples of perfectly elastic and perfectly inelastic supply curves are also provided.
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Elasticity of demand measures the responsiveness of demand for a good to changes in various factors like price, income, and prices of related goods. There are three main types of elasticity of demand - price elasticity measures the change in quantity demanded from a change in price, income elasticity measures the change from a change in consumer income, and cross elasticity measures the change from a change in price of a related good. Price elasticity can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unitary elastic depending on the magnitude of change in quantity demanded compared to change in price.
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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 and provides examples. Price elasticity refers to the responsiveness of demand for a good to changes in its price. There are several types including perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic demand. Income elasticity measures the change in demand for a good with a change in consumer income. Cross elasticity refers to the change in demand for one good in response to a price change in another good.
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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.
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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.
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Elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price or other determinants of demand like income or the price of related goods. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Price elasticity compares the percentage change in quantity demanded to a percentage change in price and can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unitary elastic depending on the magnitude of the responsiveness.
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…
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.
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Demand refers to consumer desire and willingness to pay for a good or service, while elasticity of demand describes how responsive demand is to changes in price, income, or the price of related goods. There are three main types of elasticity - price elasticity measures responsiveness to price changes, income elasticity to income changes, and cross elasticity to other good's price changes. Supply describes the amount producers will offer at a given price, and elasticity of supply measures responsiveness of quantity supplied to price changes. Elasticity can be perfectly elastic, perfectly inelastic, relatively elastic/inelastic, or unitary elastic.
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Price elasticity of demand measures how responsive consumer demand is to changes in price. It is calculated by taking the percentage change in quantity demanded divided by the percentage change in price. Demand can be elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic depending on how much quantity demanded changes relative to price changes. Factors like availability of substitutes, necessity of the product, and proportion of income spent on it affect price elasticity. Understanding price elasticity helps firms set prices to maximize total revenue.
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The document defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in the variable (usually price) that demand depends on. There are different types of elasticity including price, income, cross, and promotional elasticity. Price elasticity of demand expresses how quantity demanded responds to price changes. It is calculated as the percentage change in quantity divided by the percentage change in price. Demand can be perfectly elastic, perfectly inelastic, unitary elastic, elastic (price elasticity over 1), or inelastic (price elasticity less than 1) depending on how much quantity demanded changes relative to the price change.
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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.
My elasticity
1. Elasticity is a measure of how responsive quantity is to price changes. It compares percentage changes in quantity and price.
2. Demand can be inelastic (|ED| < 1), unitary (|ED| = 1), or elastic (|ED| > 1). Inelastic demand leads to higher total revenue from a price rise.
3. Factors like availability of substitutes, importance of the good, and time horizon affect price elasticity of demand. Income elasticity measures responsiveness to income changes.
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Here You Will Get To Know About All The Details About Elasticity Of Demand And Its Forecasting Methods.
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This presentation defines elasticity of supply as the responsiveness of the quantity supplied to changes in price. It discusses the different degrees of elasticity - perfectly elastic, relatively elastic, perfectly inelastic, relatively inelastic, and unitary elastic. Perfectly elastic supply means quantity changes greatly with small price changes. Relatively elastic means quantity changes more than price. Perfectly inelastic means quantity is unaffected by price changes. Determinants that impact elasticity of supply include time period for adjustments, ability to store output, factor mobility, changes in marginal costs, and availability of infrastructure.
3. elasticity of demand and supply
1. Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. It is calculated as the percentage change in quantity divided by the percentage change in price.
2. Demand is more elastic when good substitutes are available and less elastic when substitutes are unavailable. Demand for necessities tends to be inelastic while demand for luxuries tends to be more elastic.
3. If demand is elastic, total revenue increases when price decreases as the rise in quantity sold outweighs the fall in price. If demand is inelastic, total revenue decreases with a price decrease as quantity does not rise enough.
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Price elasticity of demand
This document discusses price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded of a good divided by the percentage change in its price. It notes there are different types of price elasticity including perfectly elastic demand, perfectly inelastic demand, relatively elastic demand, relatively inelastic demand, and unitary elastic demand. Examples are provided for each type to illustrate how demand changes relative to price changes for different goods.
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.
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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.
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Elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price or other determinants of demand like income or the price of related goods. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Price elasticity compares the percentage change in quantity demanded to a percentage change in price and can be perfectly elastic, perfectly inelastic, relatively elastic, relatively inelastic, or unitary elastic depending on the magnitude of the responsiveness.
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…
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.
00000000000
Demand refers to consumer desire and willingness to pay for a good or service, while elasticity of demand describes how responsive demand is to changes in price, income, or the price of related goods. There are three main types of elasticity - price elasticity measures responsiveness to price changes, income elasticity to income changes, and cross elasticity to other good's price changes. Supply describes the amount producers will offer at a given price, and elasticity of supply measures responsiveness of quantity supplied to price changes. Elasticity can be perfectly elastic, perfectly inelastic, relatively elastic/inelastic, or unitary elastic.
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My elasticity
1. Elasticity is a measure of how responsive quantity is to price changes. It compares percentage changes in quantity and price.
2. Demand can be inelastic (|ED| < 1), unitary (|ED| = 1), or elastic (|ED| > 1). Inelastic demand leads to higher total revenue from a price rise.
3. Factors like availability of substitutes, importance of the good, and time horizon affect price elasticity of demand. Income elasticity measures responsiveness to income changes.
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elasticity of demand ( meaning, degrees, methods, types of elasticity of demand & importance) with diagrams and description.
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Here You Will Get To Know About All The Details About Elasticity Of Demand And Its Forecasting Methods.
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This presentation defines elasticity of supply as the responsiveness of the quantity supplied to changes in price. It discusses the different degrees of elasticity - perfectly elastic, relatively elastic, perfectly inelastic, relatively inelastic, and unitary elastic. Perfectly elastic supply means quantity changes greatly with small price changes. Relatively elastic means quantity changes more than price. Perfectly inelastic means quantity is unaffected by price changes. Determinants that impact elasticity of supply include time period for adjustments, ability to store output, factor mobility, changes in marginal costs, and availability of infrastructure.
3. elasticity of demand and supply
1. Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price. It is calculated as the percentage change in quantity divided by the percentage change in price.
2. Demand is more elastic when good substitutes are available and less elastic when substitutes are unavailable. Demand for necessities tends to be inelastic while demand for luxuries tends to be more elastic.
3. If demand is elastic, total revenue increases when price decreases as the rise in quantity sold outweighs the fall in price. If demand is inelastic, total revenue decreases with a price decrease as quantity does not rise enough.
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This document discusses the concept of demand elasticity. It defines elasticity as the responsiveness of quantity demanded to changes in price or other factors. There are different types of elasticity including price elasticity, income elasticity, and cross elasticity. Price elasticity specifically refers to how much quantity demanded changes with price changes. Demand can be perfectly inelastic, inelastic, unitary, elastic, or perfectly elastic depending on the degree of responsiveness. The document also discusses factors that influence elasticity like availability of substitutes and proportion of income spent. It explains the importance of understanding elasticity for business decisions, taxation, trade, and policymaking.
Price elasticity of demand
This document discusses price elasticity of demand. It defines price elasticity of demand as the percentage change in quantity demanded of a good divided by the percentage change in its price. It notes there are different types of price elasticity including perfectly elastic demand, perfectly inelastic demand, relatively elastic demand, relatively inelastic demand, and unitary elastic demand. Examples are provided for each type to illustrate how demand changes relative to price changes for different goods.
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.
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This document provides an example computation of income tax for Mr. De Castro, a professor with a monthly salary of 85,000 pesos. It calculates his monthly and annual tax under two scenarios: as a single filer and as married with 4 dependents. As a single filer, Mr. De Castro's tax due is 270,792 pesos resulting in an overpayment of 55,608 pesos. As married with 4 dependents, his tax due is 238,792 pesos resulting in an overpayment of 87,608 pesos.
Taxation
Taxation refers to payments made to the government for which no direct benefit or service is received in return. The amount paid in taxes is unrelated to any specific government service. There are basic principles that guide an equitable tax regime, including that taxes should generate adequate revenue, be spread broadly across the population to minimize individual burden, and be coordinated, convenient, efficient, equitable, neutral, predictable, and simple for taxpayers. Exemptions should be restricted and for specific policy purposes only.
Quiz about circular flow
The document is a quiz about the circular flow of income model which describes the reciprocal flow of income between producers and consumers. It discusses key aspects of the model including the roles of firms and households, the significance of studying the model, and different approaches to measuring national income such as the output, income, and expenditure approaches.
Quiz about market structure
The document is a quiz about market structures that contains multiple choice questions. It asks the reader to identify the type of market structure that has less market power and price takers. It also asks about barriers to entry in oligopoly markets and provides examples like the telecommunications industry starting as a monopoly.
Quiz about business cycle
The document contains a quiz about key terms related to market structure and the business cycle. It defines phases of the business cycle like peaks, troughs, expansions and recessions. It also discusses leading and lagging economic indicators that can be used to analyze and predict the business cycle.
Quiz about supply and production
This document contains a quiz about supply and production concepts. It defines the law of supply, supply as the amount producers are willing to sell at a given price, a supply schedule as a table showing quantities supplied at different prices, a supply equation as the mathematical relationship between supply and factors affecting willingness to sell, and a supply curve as a graphical representation of the price-quantity relationship. It also defines production as the act of creating output, a production function as relating physical output to inputs, a market supply curve as the horizontal summation of individual supply curves, and factors of production as stocks like land, labor, and capital that are applied to production. Finally, it discusses an aggregate production process framework for distinguishing economic growth sources.
Quiz about the economics system
This document contains a quiz about economic systems and key economic concepts. It defines and provides examples of terms like labor, entrepreneurship, capital formation, financial investments, economics systems, mines, scarcity, the law of scarcity, opportunity cost, and trade-offs. The quiz format tests the reader's understanding of these fundamental ideas in economics.
More from Marvin Morales (20)
Tax, taxation, forms of escape from taxation, computation, fiscal policy
Tax, taxation, forms of escape from taxation, computation, fiscal policy
Quiz about elasticity
- 2. It is the measure of the extent to which the quantity demanded of a good changes when the price of the good changes. ANS: PRICE ELASTICITY OF DEMAND
- 3. It is ______ demand if the quantity demanded changes by a very large percentage in response to an almost zero percentage change in price. ANS: PERFECTLY ELASTICE
- 4. It is ______ demand if the percentage change in the quantity demanded is less than the percentage change in price. ANS: INELASTIC DEMAND
- 5. It is ______ demand if the quantity demanded remains constant as the price changes. ANS: PERFECTLY INELASTIC DEMAND
- 6. It is independent of the units used to measure price and quantity ANS: ELASTICITY
- 7. A measure of the extent to which the quantity supplied of a good changes when the price of the good changes. ANS: PRICE ELASTICITY OF SUPPLY
- 8. The percentage change in the quantity supplied equals the percentage change in price. ANS: UNIT ELASTIC SUPPLY
- 9. The percentage change in the quantity supplied is less than the percentage change in price ANS: INELASTIC SUPPLY
- 10. The percentage change in the quantity supplied is zero when the price changes ANS: PERFECTLY INELASTIC SUPPLY
- 11. The percentage change in the quantity supplied exceeds the percentage change in price. ANS: ELASTIC SUPPLY