elasticity_and_its_applications(參考版)
2025-07-25 08:22本頁面
【正文】 2022 SouthWestern Determinants of Price Elasticity of Supply ? Ability of sellers to change the amount of the good they produce. – Supply of beachfront land is price inelastic. – Supply of books, cars, or manufactured goods is elastic. ? Time period. – Supply is more price elastic in the long run. Computing the Price Elasticity of Supply ? The price elasticity of supply is puted as the percentage change in the quantity supplied divided by the percentage change in price. P r i c e e l a s t i c i t y o f s u p p l y =P e r c e n t a g e c h a n g e i n q u a n t i t y s u p p l i e dP e r c e n t a g e c h a n g e i n p r i c eTHREE APPLICATIONS OF SUPPLY, DEMAND, AND ELASTICITY ? Can good news for the puter industry be bad news for silicon chip makers? ? What happens to chip makers and the market for chips when scientists discover a new material for making chips that is more productive than silicon? THREE APPLICATIONS OF SUPPLY, DEMAND, AND ELASTICITY ? Examine whether the supply or demand curve shifts. ? Determine the direction of the shift of the curve. ? Use the supply and demand diagram to see how the market equilibrium changes. Figure 8 An Increase in Supply in the Market for Computer chips Quantity of Chips 0 Price of Chips 3. . . . and a proportionately smaller increase in quantity sold. As a result, revenue falls from €300 to €220. Demand S1 S2 2. . . . leads to a large fall in price . . . 1. When demand is price inelastic an increase in supply… 2 110 €3 100 Copyright169。2022 SouthWestern Figure 6 The Price Elasticity of Supply (d) Price Elastic Supply: Elasticity Is Greater Than 1 Quantity 0 Price 1. A 22% increase in price . . . 2. . . . leads to a 67% increase in quantity supplied. 4 100 €5 200 Supply Copyright169。2022 SouthWestern Figure 6 The Price Elasticity of Supply (b) Price Inelastic Supply: Elasticity Is Less Than 1 110 €5 100 4 Quantity 0 1. A 22% increase in price . . . Price 2. . . . leads to a 10% increase in quantity supplied. Supply Copyright169。2022 SouthWestern Price Elasticity and Total Revenue along a Linear Demand Curve ? With a price elastic demand curve, an increase in the price leads to a decrease in quantity demanded that is proportionately larger. Thus, total revenue decreases. Figure 4 H
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