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2020 Pearson AddisonWesley The Factors That Influence the Elasticity of Supply The elasticity of supply depends on ? Resource substitution possibilities ? Time frame for supply decision Resource Substitution Possibilities The easier it is to substitute among the resources used to produce a good or service, the greater is its elasticity of supply. Elasticity of Supply 169。 2020 Pearson AddisonWesley Figure on the next slide shows three cases of the elasticity of supply. Supply is perfectly inelastic if the supply curve is vertical and the elasticity of supply is 0. Supply is unit elastic if the supply curve is linear and passes through the origin. (Note that slope is irrelevant.) Supply is perfectly elastic if the supply curve is horizontal and the elasticity of supply is infinite. Elasticity of Supply 169。 2020 Pearson AddisonWesley The contrast between the two outes in Figure highlights the need for ? A measure of the responsiveness of the quantity supplied to a price change. The elasticity of supply measures the responsiveness of the quantity supplied to a change in the price of a good when all other influences on selling plans remain the same. Elasticity of Supply 169。 2020 Pearson AddisonWesley When demand increases, is the change in the quantity supplied small or large? In Figure (a), an increase in demand brings ? A large rise in price ? A small increase in the quantity supplied Elasticity of Supply 169。 2020 Pearson AddisonWesley Ine Elasticity of Demand The ine elasticity of demand measures how the quantity demanded of a good responds to a change in ine, other things remaining the same. The formula for calculating the ine elasticity of demand is Percentage change in quantity demanded Percentage change in ine More Elasticities of Demand 169。 2020 Pearson AddisonWesley The cross elasticity of demand for ? a substitute is positive. ? a plement is negative. More Elasticities of Demand 169。 2020 Pearson AddisonWesley Proportion of Ine Spent on the Good The greater the proportion of ine consumers spend on a good, the larger is the elasticity of demand for that good. Time Elapsed Since Price Change The more time consumers have to adjust to a price change, or the longer that a good can be stored without losing its value, the more elastic is the demand for that good. Price Elasticity of Demand 169。 2020 Pearson AddisonWesley The Factors That Influence the Elasticity of Demand The elasticity of demand for a good depends on: ? The closeness of substitutes ? The proportion of ine spent on the good ? The time elapsed since a price change Price Elasticity of Demand 169。 2020 Pearson AddisonWesley As the quantity increases from 25 to 50 pizzas, demand is inelastic, and total revenue decreases. Price Elasticity of Demand 169。 2020 Pearson Addis