曼昆微觀經(jīng)濟學(xué)第五版第五章(文件)
【正文】 by Harcourt, Inc. Graphical Review 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. 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. Unit Elastic Supply Elasticity equals 1 Quantity Price 4 $5 1. A 22% increase in price... 125 100 Supply 2. ...leads to a 22% increase in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 。 2021 by Harcourt, Inc. Perfectly Elastic Supply Elasticity equals infinity Quantity Price Supply $4 1. At any price above $4, quantity supplied is infinite. 2. At exactly $4, producers will supply any quantity. 3. At a price below $4, quantity supplied is zero. An Increase in Supply in the Market for Wheat $3 Quantity of Wheat 100 0 Price of Wheat Demand S1 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Inelastic Supply Elasticity equals 0 Quantity Price 4 $5 Supply 100 2. ...leaves the quantity supplied unchanged. 1. An increase in price... 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. 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. Summary ?Price elasticity of demand measures how much the quantity demanded responds to changes in the price. ?If a demand curve is elastic, total revenue falls when the price rises. ?If it is inelastic, total revenue rises as the price rises. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 3. ...and a proportionately smaller increase in quantity sold. As a result, revenue falls from $300 to $220. An Increase in Supply in the Market for Wheat $3 Quantity of Wheat 100 0 Price of Wheat 1. When demand is inelastic, an increase in supply... Demand S1 S2 2 110 2. ...leads to a large fall in price... Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Determinants of Elasticity of Supply ?Ability of sellers to change the amount of the good they produce. ?Beachfront land is inelastic. ?Books, cars, or manufactured goods are elastic. ?Time period. ?Supply is more elastic in the long run. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Inelastic Supply Elasticity is less than 1 Quantity Price 4 $5 1. A 22% increase in price... 110 100 Supply 2. ...leads to a 10% increase in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Price Elasticity of Supply ?Price elasticity of supply is the percentage change in quantity supplied resulting from a percent change in price. ?It is a measure of how much the quantity supplied of a good responds to a change in the price of that good.
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