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- • • • • Concept of Elasticity
- Elasticity and Its Application
- Set 6 Answers
- Price Elasticity of Demand
- Intervistas Elasticity Study 2007
- AEM4150_ SolutionHW1
- Measurement of Elasticity of Demand
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Ran

Elasticity

Activity: Elasticity

Elasticity

Definition:

respond to changes in market conditions

What we learn:

1. Price elasticity of demand

2. Formula: Calculation

The price elasticity of demand

Definition of PED:

demanded of a good responds to a change in the

price of that good.

The price Elasticity of Demand

but ignore this here!

Percentage Change

in Quantity Demanded

Price Elasticity of Demand=

Percentage Change

in Price

Practice

$12 to $10?________

$10 to $8?_________

Practice

$10 to $12?________

$8 to $10?_________

The Midpoint Method: regardless of the direction of

change

The Midpoint Method: regardless of the direction of

change

The value of price elasticity of demand

The value of price elasticity of demand

Inelastic, what the number should be?

The value of price elasticity of demand

1.(Relative)

elastic demand: Quantity demanded

does respond strongly to Price changes

The value of price elasticity of demand

demanded does NOT respond strongly to

Price changes

The value of price elasticity of demand

Question:

1? 0? Infinity（∞）?

The value of price elasticity of demand

percentage as the price.

The value of price elasticity of demand

changes.

The value of price elasticity of demand

changes to zero.

The variety of demand curve

and inelastic demand curve? How to approve

your answer?

price

Steep（陡峭）?

or

Flat （平坦）?

D2

D1

quantity

The variety of demand curve

The variety of demand curve

Factors affecting price elasticity of demand

Question:

list and show your reasons

list and show your reasons

Factors affecting price elasticity of demand

Factors affecting price elasticity of demand

substitutes: Elastic demand

substitutes: Inelastic demand

Factors affecting price elasticity of demand

(2) Degree of necessity

Factors affecting price elasticity of demand

(2) Degree of necessity

Factors affecting price elasticity of demand

(2) Degree of necessity

Factors affecting price elasticity of demand

(2) Degree of necessity

etc., will have Inelastic demand

etc., will have Elastic demand

Factors affecting price elasticity of demand

Factors affecting price elasticity of demand

Factors affecting price elasticity of demand

Practice:

items is price elastic or inelastic.

5. Insulin_______________________ Why?

Case Study 1

as a CEO?

Raise the product's price to make more profit? or else?

Solution 1: raising the price.

Solution 2: reducing the price

The Elasticity of a Linear Demand

Curve

Question:

1. Complete the blank(TR) in the table

2. Draw the Demand Curve according to

the data

3. Draw the Total Revenue Curve

according to the data

4. What conclusions?

The Elasticity of a Linear Demand

Curve

Question:

curve?

The Elasticity of a Linear Demand Curve

Price elasticity and firms

Price elasticity and firms

Practice: Complete the table

‹1 Decrease

Inelastic Rise

Elastic Decrease

›1 Fall

Price elasticity and firms

elasticity for their products, they can predict the

effect on total revenue of any price changes

they make

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