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Lecture Economics (6/e): Chapter 18 - Stephen L. Slavin-Kinh Te - Quan Ly

Chapter 18 - The elasticities of demand and supply. Learning objectives of this chapter include: The elasticity of demand, the determinants of elasticity, elasticity and total revenue, the elasticity of supply, tax incidence.

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Created date 8/30/2018 5:45:07 AM +00:00

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Tải Lecture Economics (6/e): Chapter 18 - Stephen L. S... (.pdf)

Chapter
18
The
Elasticities
of
Demand
and
Supply
Copyright
2002 by The McGraw­Hill Companies, Inc.
All rights reserved.
18­1
Chapter
Objectives
•
The
elasticity
of
demand
•
The
determinants
of
elasticity
•
Elasticity
and
total
revenue
•
The
elasticity
of
supply
•
Tax
incidence
Copyright
2002 by The McGraw­Hill Companies, Inc.
All rights reserved.
18­2
The
Elasticity
of
Demand
•
The elasticity of demand for a good or service
measures the change in quantity demanded in
response to a change in price
–
In other words, elasticity measures the sensitivity
(measured in percentage change) of quantity
demanded because of a change (percentage) in price
–
When price goes up,
demanded declines.
we
know that
quantity
•
But we don’t know by how much?
–
Elasticity
response
provides
us
a
way of
measuring
this
•
Elasticity answers the “how much” question
Copyright
2002 by The McGraw­Hill Companies, Inc.
All rights reserved.
18­3