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제5장 탄력성과 그 응용

그림 5.5: 공급의 가격탄력성 (a, b)

Perfectly inelastic supply

Price elasticity % change in Q 0%

= = =0
of supply % change in P 10%
S curve:
P
vertical S

Sellers’ price P
P rises 2
sensitivity: by 10% P
1
none
Q
Elasticity: Q1
0 Q changes
by 0%
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Inelastic supply

Price elasticity % change in Q < 10%

= = <1
of supply % change in P 10%
S curve:
P
relatively steep S

Sellers’ price P2
P rises
sensitivity: by 10% P
1
relatively low

Elasticity: Q
Q1 Q2
<1 Q rises less
than 10%
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제5장 탄력성과 그 응용

그림 5.5: 공급의 가격탄력성 (c)

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Unit elastic supply

Price elasticity % change in Q 10%

= = =1
of supply % change in P 10%
S curve:
intermediate slope P
S

Sellers’ price sensitivity: P2

intermediate P1

Elasticity: P rises
by 10% Q
=1 Q1 Q2
Q rises
by 10%
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as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning 5
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제5장 탄력성과 그 응용

그림 5.5: 공급의 가격탄력성 (d, e)

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Elastic supply

Price elasticity % change in Q > 10%

= = >1
of supply % change in P 10%
S curve:
P
relatively flat
S

Sellers’ price P rises P2

sensitivity: by 10%
P1
relatively high
Q
Elasticity: Q1 Q2
>1 Q rises more
than 10%
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as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning 7
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Perfectly elastic supply

Price elasticity % change in Q any %

= = = infinity
of supply % change in P 0%
S curve:
horizontal P

Sellers’ price P2 = P 1 S
sensitivity: P changes
extreme by 0%

Elasticity: Q
Q1 Q2
infinity Q changes
by any %
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제5장 탄력성과 그 응용

• 공급의 가격 탄력성과 그 결정변수

̶ 공급자들이 생산량을 얼마나 신축적으로 조절할 수
있는가에 따라 좌우된다.
• 해변에 인접한 택지: 비탄력적
• 책, 자동차, TV등 공산품: 탄력적

̶ 단기보다는 장기의 공급이 더 탄력적

The Determinants of Supply Elasticity

• Greater price elasticity of supply
– The more easily sellers can change the
quantity they produce
• Supply of beachfront property - harder to vary
and thus less elastic than supply of new cars
• Price elasticity of supply is greater in the
long run than in the short run
– In the long run: firms can build new factories,
or new firms may be able to enter the market

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Active Learning 3
Elasticity and changes in equilibrium
The supply of beachfront property is inelastic.
The supply of new cars is elastic.
Suppose population growth causes demand
for both goods to double (at each price, Qd
doubles).

• For which product will P change the most?

• For which product will Q change the most?

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Active Learning 3 Answers

Beachfront property
When supply is (inelastic supply):
inelastic, an P
increase in
D1 D2 S
demand has a
bigger impact
on price than P2 B
on quantity.
P1 A

Q
Q1 Q2

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Active Learning 3 Answers

New cars
When supply (elastic supply):
is elastic, P
an increase in D1 D2
demand has a
bigger impact S
on quantity B
than on price. P2
A
P1

Q
Q1 Q2

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as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning 13
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제5장 탄력성과 그 응용

• 공급곡선 위의 여러 점에서 다른 가격탄력성

̶ 탄력성은 일정하지 않음
• 가격이 낮고 공급량이 적은 점: 탄력적
• 가격이 높고 공급량이 많은 점: 비탄력적

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제5장 탄력성과 그 응용

그림 5.6: 공급곡선 위의 여러 점에서

가격탄력성이 다를 수 있다

How the Price Elasticity of Supply Can Vary

Price Elasticity is small Supply

(less than 1). Supply often
$15
becomes less
12 elastic as Q
Elasticity is large rises, due to
(greater than 1).
capacity limits.
4
3

0 100 200 500 525 Quantity

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제5장 탄력성과 그 응용

• 수요의 소득탄력성(income elasticity of demand)

̶ 소비자의 소득이 변할 때 어떤 재화의 수요량이 얼마나
변하는지를 나타내는 지표
̶ 수요량의 변화율을 소득 변화율로 나눈 수치
• 정상재와 열등재
̶ 정상재: 소득탄력성이 양수
• 필수재는 소득탄력성이 작고 사치재는 소득탄력성이 크다.

̶ 열등재: 소득탄력성이 음수

Other Elasticities of Demand

• Income elasticity of demand
– How much the quantity demanded of a
good responds to a change in consumers’
income
– Percentage change in quantity demanded
• Divided by the percentage change in income
– Normal goods: income elasticity > 0
– Inferior goods: income elasticity < 0

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as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning 18
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제5장 탄력성과 그 응용

• 수요의 교차탄력성(cross-price elasticity of demand)

̶ 한 재화의 가격이 변할 때 다른 재화의 수요량이 얼마나
변하는지 나타내는 지표
̶ 한 재화의 수요량의 변화율을 다른 재화의 가격
변화율로 나눈 수치
• 대체재와 보완재
̶ 대체재: 교차탄력성이 양수
̶ 보완재: 교차탄력성이 음수

Other Elasticities of Demand

• Cross-price elasticity of demand
– How much the Qd of one good responds
to a change in the price of another good
– Percentage change in Qd of the first good
• Divided by the percentage change in price of
the second good
– Substitutes: cross-price elasticity > 0
– Complements: cross-price elasticity < 0

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제5장 탄력성과 그 응용

수요의 가격탄력성에 관한 응용 사례:첫번째(그림5.7)

1. 농업의 입장에서 좋은 소식이 농부들에게는 나쁜 소식이 될

수 있을까?
̶ 토지 1에이커당 생산량이 보통 종자보다 20% 더 많은 밀
종자 개발
• 공급곡선이 오른쪽으로 이동
• 공급량 증가, 가격 하락
• 수요는 비탄력적: 총수입 감소

Applications
• Can Good News for Farming Be Bad
News for Farmers?
– New hybrid of wheat – increase
production per acre 20%
• Supply curve shifts to the right
• Higher quantity and lower price
• Demand is inelastic: total revenue falls
– Paradox of public policy: induce farmers
not to plant crops
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제5장 탄력성과 그 응용

그림 5.7: 밀 시장에서 공급 증가

Figure 7 An Increase in Supply in the Market for Wheat

Price of 1. When demand is inelastic,
Wheat an increase in supply . . .
S1

S2
2. … leads
to a large fall $3
3. … and a proportionately
in price. . . 2 smaller increase in quantity
sold. As a result, revenue falls
from $300 to $220.

Demand
0 100 110 Quantity of Wheat

• When an advance in farm technology increases the supply of wheat from S1 to S2,
the price of wheat falls. Because the demand for wheat is inelastic, the increase in
the quantity sold from 100 to 110 is proportionately smaller than the decrease in the
price from $3 to $2. As a result, farmers’ total revenue falls from $300 ($3 × 100) to
$220Learning®
© 2018 Cengage ($2 ×. May
110).
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Applications
• Why Did OPEC Fail to Keep the Price of
Oil High?
– Increase in prices 1973-1974, 1971-1981
– Short-run: supply and demand are
inelastic
• Decrease in supply: large increase in price
– Long-run: supply and demand are elastic
• Decrease in supply: small increase in price

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as permitted in a license distributed with a certain product or service or otherwise on a password-protected website or school-approved learning 25
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제5장 탄력성과 그 응용

수요의 가격탄력성에 관한 응용 사례 : 2번째(그림 5.8)

그림 5.8: 세계 원유시장에서 공급 감소

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Figure 8 A Reduction in Supply in the World Market

(a) The Oil Market in the Short Run (b) The Oil Market in the Long Run
1. In the short run, when supply and 1. In the long run, when supply
demand are inelastic, a shift in supply. . . Price and demand are elastic, a shift
Price in supply. . .
S2 2. … leads
S1 to a small
S2 S1
P2 increase in
price
2. … leads
to a large P2
P1 P1
increase in
price

Demand Demand

0 Quantity 0 Quantity
• When the supply of oil falls, the response depends on the time horizon. In the short run, supply and
demand are relatively inelastic, as in panel (a). Thus, when the supply curve shifts from S1 to S2, the
price rises substantially.
• In the long run, however, supply and demand are relatively elastic, as in panel (b). In this case, the
same size shift in the supply curve (S1 to S2) causes a smaller increase in the price.
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