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KWChapter5_StudentSlides

KWChapter5_StudentSlides

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Published by Vaibhav P Shah

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Published by: Vaibhav P Shah on Oct 05, 2012
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05/13/2014

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CHAPTER 5Elasticity
PowerPoint® Slidesby Can Erbil
© 2004 Worth Publishers, all rights reserved © 2004 Worth Publishers, all rights reserved 
 
2
What you will learn in this chapter:
What is the definition of 
elasticity?
What is the meaning and importance of 
¾
price elasticity of demand?
¾
income elasticity of demand and?
¾
price elasticity of supply?
What factors influence the size of these variouselasticities?How elasticity affects the incidence of a tax, themeasure of who bears its burden?
 
3
Defining and Measuring Elasticity
The
price elasticity of demand
is theratio of the percent change in the quantitydemanded to the percent change in theprice as we move along the demand curve.

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