曼昆微觀經(jīng)濟(jì)學(xué)第五版第五章(已修改)
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【正文】 Elasticity and Its Application Chapter 5 Copyright 169。 2021 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 328876777. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity . . . ? … is a measure of how much buyers and sellers respond to changes in market conditions ? … allows us to analyze supply and demand with greater precision. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Price Elasticity of Demand ?Price elasticity of demand is the percentage change in quantity demanded given a percent change in the price. ?It is a measure of how much the quantity demanded of a good responds to a change in the price of that good. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Determinants of Price Elasticity of Demand ? Necessities versus Luxuries ? Availability of Close Substitutes ? Definition of the Market ? Time Horizon Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Determinants of Price Elasticity of Demand Demand tends to be more elastic : ?if the good is a luxury. ?the longer the time period. ?the larger the number of close substitutes. ?the more narrowly defined the market. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Computing the Price Elasticity of Demand The price elasticity of demand is puted as the percentage change in the quantity demanded divided by the percentage change in price. P ri c e E la s tic ity o f De m a nd =P e rc e nta ge C ha ng ein Q ua ntit y D e m a nd e dP e rc e nta ge C ha ng ein P ri c eP ri c e E la s tic ity o f De m a n d =P e rc e n ta g e C h a n g ein Q u a n tit y D e m a n d e dP e rc e n ta g e C h a n g ein P ri c eHarcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Computing the Price Elasticity of Demand pr i c e inc h an ge P e r c e n t ag ede m an de dqu at i t y inc h an ge P e r c e n t ag ede m an d of e l as t i c i t yP r i c e ?Example: If the price of an ice cream cone increases from $ to $ and the amount you buy falls from 10 to 8 cones then your elasticity of demand would be calculated as: 2pe rc e nt10pe rc e nt2010000200220210010810??????.)..()(Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Computing the Price Elasticity of Demand Using the Midpoint Formula The midpoint formula is preferable when calculating the price elasticity of demand because it gives the same answer regardless of the direction of the change. ) / 2]P) / [ ( PP(P) / 2]Q) / [ ( (Q=D e m a nd of E l a s t i c i t y P r i c e12121212????Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Computing the Price Elasticity of Demand Example: If the price of an ice cream cone increases from $ to $ and the amount you buy falls from 10 to 8 cones the your elasticity of demand, using the midpoint formula, would be calculated as: 222/)()(2/)810()810(??????pe r c e ntpe r c e nt) / 2]P) / [ ( PP(P) / 2]Q) / [ ( (Q=D e m a nd of E l a s t i c i t y P r i c e12121212????Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Ranges of Elasticity Inelastic Demand ?Quantity demanded does not respond strongly to price changes. ?Price elasticity of demand is less than one. Elastic Demand ?Quantity demanded responds strongly to changes in price. ?Price elasticity of demand is greater than one. Harcourt, Inc. items and derived items copyrigh
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