曼昆微觀經(jīng)濟(jì)學(xué)第五版第五章-文庫吧
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【正文】 t 169。 2021 by Harcourt, Inc. Computing the Price Elasticity of Demand Demand is price elastic $5 4 Demand Quantity 100 0 Price 50 3p er c en t 22p er c en t 67 5. 00 ) / 2( 4. 0 05. 00 )( 4. 0 050) / 2( 10 050)( 10 0ED?????Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Ranges of Elasticity ?Perfectly Inelastic Quantity demanded does not respond to price changes. ?Perfectly Elastic Quantity demanded changes infinitely with any change in price. ?Unit Elastic Quantity demanded changes by the same percentage as the price. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. A Variety of Demand Curves Because the price elasticity of demand measures how much quantity demanded responds to the price, it is closely related to the slope of the demand curve. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Inelastic Demand Elasticity equals 0 Quantity Price 4 $5 Demand 100 2. ...leaves the quantity demanded unchanged. 1. An increase in price... Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Inelastic Demand Elasticity is less than 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 90 2. ...leads to a 11% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Unit Elastic Demand Elasticity equals 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 80 2. ...leads to a 22% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elastic Demand Elasticity is greater than 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 50 2. ...leads to a 67% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Elastic Demand Elasticity equals infinity Quantity Price Demand $4 1. At any price above $4, quantity demanded is zero. 2. At exactly $4, consumers will buy any quantity. 3. At a price below $4, quantity demanded is infinite. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue ?Total revenue is the amount paid by buyers and received by sellers of a good. ?Computed as the price of the good times the quantity sold. TR = P x Q Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. $4 Demand Quantity P 0 Price P x Q = $400 (total revenue) 100 Q Elasticity and Total Revenue Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue With an inelastic demand curve, an increase in price leads to a decrease in quantity that is proportionately smaller. Thus, total revenue increases. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue: Inelastic Demand $3 Quantity 0 Price 80 Revenue = $240 Demand $1 Demand Quantity 0 Revenue = $100 100 Price An increase in price from $1 to $3... …leads to an increase in total revenue from$100 to $240 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue With an elastic demand curve, an increase in the price leads to a decrease in quantity demanded that is proportionately larger. Thus, total revenue decreases. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue: Elastic Demand Demand Quantity 0 Price $4 50 Demand Quantity 0 Price Revenue = $100 $5 20 Revenue = $200 An increase in price from $4 to $5... …leads to a decrease
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