曼昆微观经济学第五版第五章

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曼昆微观经济学第五版第五章共64页，您现在浏览的是第1页!Elasticity... …isameasureofhowmuchbuyersandsellersrespondtochangesinmarketconditions

…allowsustoanalyzesupplyanddemandwithgreaterprecision.曼昆微观经济学第五版第五章共64页，您现在浏览的是第2页!PriceElasticityofDemandPriceelasticityofdemand

isthepercentagechangeinquantitydemandedgivenapercentchangeintheprice.

Itisameasureofhowmuchthequantitydemandedofagoodrespondstoachangeinthepriceofthatgood.曼昆微观经济学第五版第五章共64页，您现在浏览的是第3页!Determinantsof

PriceElasticityofDemandDemandtendstobemoreelastic:

ifthegoodisaluxury.thelongerthetimeperiod.thelargerthenumberofclosesubstitutes.themorenarrowlydefinedthemarket.曼昆微观经济学第五版第五章共64页，您现在浏览的是第4页!ComputingthePriceElasticityofDemandExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8conesthenyourelasticityofdemandwouldbecalculatedas:曼昆微观经济学第五版第五章共64页，您现在浏览的是第5页!ComputingthePriceElasticityofDemandExample:Ifthepriceofanicecreamconeincreasesfrom$2.00to$2.20andtheamountyoubuyfallsfrom10to8conestheyourelasticityofdemand,usingthemidpointformula,wouldbecalculatedas:曼昆微观经济学第五版第五章共64页，您现在浏览的是第6页!ComputingthePriceElasticityofDemandDemandispriceelastic$54DemandQuantity1000Price50曼昆微观经济学第五版第五章共64页，您现在浏览的是第7页!AVarietyofDemandCurvesBecausethepriceelasticityofdemandmeasureshowmuchquantitydemandedrespondstotheprice,itiscloselyrelatedtotheslopeofthedemandcurve.曼昆微观经济学第五版第五章共64页，您现在浏览的是第8页!InelasticDemand

-Elasticityislessthan1QuantityPrice4$51.A22%increaseinprice...Demand100902....leadstoa11%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第9页!ElasticDemand

-Elasticityisgreaterthan1QuantityPrice4$51.A22%increaseinprice...Demand100502....leadstoa67%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第10页!ElasticityandTotalRevenueTotalrevenue

istheamountpaidbybuyersandreceivedbysellersofagood.Computedasthepriceofthegoodtimesthequantitysold.

TR=PxQ曼昆微观经济学第五版第五章共64页，您现在浏览的是第11页!ElasticityandTotalRevenueWithaninelasticdemandcurve,anincreaseinpriceleadstoadecreaseinquantitythatisproportionatelysmaller.Thus,totalrevenueincreases.

曼昆微观经济学第五版第五章共64页，您现在浏览的是第12页!ElasticityandTotalRevenueWithanelasticdemandcurve,anincreaseinthepriceleadstoadecreaseinquantitydemandedthatisproportionatelylarger.Thus,totalrevenuedecreases.曼昆微观经济学第五版第五章共64页，您现在浏览的是第13页!ComputingtheElasticityofaLinearDemandCurve曼昆微观经济学第五版第五章共64页，您现在浏览的是第14页!ComputingIneElasticityIncomeElasticityofDemandPercentageChangeinQuantityDemandedPercentageChangeinIncome=曼昆微观经济学第五版第五章共64页，您现在浏览的是第15页!IneElasticity

-TypesofGoods-Goodsconsumersregardasnecessitiestendtobe

ineinelastic

Examplesincludefood,fuel,clothing,utilities,andmedicalservices.Goodsconsumersregardasluxuriestendtobe

ineelastic.

Examplesincludesportscars,furs,andexpensivefoods.曼昆微观经济学第五版第五章共64页，您现在浏览的是第16页!RangesofElasticityPerfectlyElasticES=

¥RelativelyElasticES>1UnitElasticES=1曼昆微观经济学第五版第五章共64页，您现在浏览的是第17页!PerfectlyInelasticSupply

-Elasticityequals0QuantityPrice4$5Supply1002....leavesthequantitysuppliedunchanged.1.Anincreaseinprice...曼昆微观经济学第五版第五章共64页，您现在浏览的是第18页!UnitElasticSupply

-Elasticityequals1QuantityPrice4$51.A22%increaseinprice...125100Supply2....leadstoa22%increaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第19页!PerfectlyElasticSupply

-ElasticityequalsinfinityQuantityPriceSupply$41.Atanypriceabove$4,quantitysuppliedisinfinite.2.Atexactly$4,producerswillsupplyanyquantity.3.Atapricebelow$4,quantitysuppliediszero.曼昆微观经济学第五版第五章共64页，您现在浏览的是第20页!ComputingthePriceElasticityofSupplyThepriceelasticityofsupplyisputedasthepercentagechangeinthequantitysupplieddividedbythepercentagechangeinprice.曼昆微观经济学第五版第五章共64页，您现在浏览的是第21页!ApplicationofElasticityExaminewhetherthesupplyordemandcurveshifts.Determinethedirectionoftheshiftofthecurve.Usethesupply-and-demanddiagramtoseehowthemarketequilibriumchanges.曼昆微观经济学第五版第五章共64页，您现在浏览的是第22页!3....andaproportionatelysmallerincreaseinquantitysold.Asaresult,revenuefallsfrom$300to$220.AnIncreaseinSupplyintheMarketforWheat$3QuantityofWheat1000PriceofWheat1.Whendemandisinelastic,anincreaseinsupply...DemandS1S221102....leadstoalargefallinprice...Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.曼昆微观经济学第五版第五章共64页，您现在浏览的是第23页!ComputeElasticityDemandisinelastic曼昆微观经济学第五版第五章共64页，您现在浏览的是第24页!SummaryThepriceelasticityofsupplymeasureshowmuchthequantitysuppliedrespondstochangesintheprice.Inmostmarkets,supplyismoreelasticinthelongrunthanintheshortrun.

曼昆微观经济学第五版第五章共64页，您现在浏览的是第25页!ComputingthePriceElasticityofDemandDemandispriceelastic$54DemandQuantity1000Price50曼昆微观经济学第五版第五章共64页，您现在浏览的是第26页!InelasticDemand

-Elasticityislessthan1QuantityPrice4$51.A22%increaseinprice...Demand100902....leadstoa11%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第27页!ElasticDemand

-Elasticityisgreaterthan1QuantityPrice4$51.A22%increaseinprice...Demand100502....leadstoa67%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第28页!$4DemandQuantityP0PricePxQ=

$400

(totalrevenue)100QElasticityandTotalRevenue曼昆微观经济学第五版第五章共64页，您现在浏览的是第29页!ElasticityandTotalRevenue:ElasticDemandDemandQuantity0Price$450DemandQuantity0PriceRevenue=$100$520Revenue=$200Anincreaseinpricefrom$4to$5...…leadstoadecreaseintotalrevenuefrom$200to$100曼昆微观经济学第五版第五章共64页，您现在浏览的是第30页!InelasticSupply

-Elasticityislessthan1QuantityPrice4$51.A22%increaseinprice...110100Supply2....leadstoa10%increaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第31页!ElasticSupply

-Elasticityisgreaterthan1QuantityPrice4$51.A22%increaseinprice...200100Supply2....leadstoa67%increaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第32页!AnIncreaseinSupplyintheMarketforWheat$3QuantityofWheat1000PriceofWheatDemandS1Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.曼昆微观经济学第五版第五章共64页，您现在浏览的是第33页!Determinantsof

PriceElasticityofDemandNecessitiesversusLuxuriesAvailabilityofCloseSubstitutesDefinitionoftheMarketTimeHorizon曼昆微观经济学第五版第五章共64页，您现在浏览的是第34页!ComputingthePriceElasticityofDemandThepriceelasticityofdemandisputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinprice.曼昆微观经济学第五版第五章共64页，您现在浏览的是第35页!ComputingthePriceElasticityofDemandUsingtheMidpointFormulaThemidpointformulaispreferablewhencalculatingthepriceelasticityofdemandbecauseitgivesthesameanswerregardlessofthedirectionofthechange.曼昆微观经济学第五版第五章共64页，您现在浏览的是第36页!RangesofElasticityInelasticDemandQuantitydemandeddoesnotrespondstronglytopricechanges.Priceelasticityofdemandislessthanone.ElasticDemandQuantitydemandedrespondsstronglytochangesinprice.Priceelasticityofdemandisgreaterthanone.曼昆微观经济学第五版第五章共64页，您现在浏览的是第37页!RangesofElasticityPerfectlyInelasticQuantitydemandeddoesnotrespondtopricechanges.PerfectlyElasticQuantitydemandedchangesinfinitelywithanychangeinprice.UnitElasticQuantitydemandedchangesbythesamepercentageastheprice.曼昆微观经济学第五版第五章共64页，您现在浏览的是第38页!PerfectlyInelasticDemand

-Elasticityequals0QuantityPrice4$5Demand1002....leavesthequantitydemandedunchanged.1.Anincreaseinprice...曼昆微观经济学第五版第五章共64页，您现在浏览的是第39页!UnitElasticDemand

-Elasticityequals1QuantityPrice4$51.A22%increaseinprice...Demand100802....leadstoa22%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第40页!PerfectlyElasticDemand

-ElasticityequalsinfinityQuantityPriceDemand$41.Atanypriceabove$4,quantitydemandediszero.2.Atexactly$4,consumerswillbuyanyquantity.3.Atapricebelow$4,quantitydemandedisinfinite.曼昆微观经济学第五版第五章共64页，您现在浏览的是第41页!$4DemandQuantityP0PricePxQ=

$400

(totalrevenue)100QElasticityandTotalRevenue曼昆微观经济学第五版第五章共64页，您现在浏览的是第42页!ElasticityandTotalRevenue:InelasticDemand$3Quantity0Price80Revenue=$240Demand$1DemandQuantity0Revenue=$100100PriceAnincreaseinpricefrom$1to$3...…leadstoanincreaseintotalrevenuefrom$100to$240曼昆微观经济学第五版第五章共64页，您现在浏览的是第43页!ElasticityandTotalRevenue:ElasticDemandDemandQuantity0Price$450DemandQuantity0PriceRevenue=$100$520Revenue=$200Anincreaseinpricefrom$4to$5...…leadstoadecreaseintotalrevenuefrom$200to$100曼昆微观经济学第五版第五章共64页，您现在浏览的是第44页!IneElasticityofDemandIneelasticityofdemandmeasureshowmuchthequantitydemandedofagoodrespondstoachangeinconsumers’ine.Itisputedasthepercentagechangeinthequantitydemandeddividedbythepercentagechangeinine.曼昆微观经济学第五版第五章共64页，您现在浏览的是第45页!IneElasticity

-TypesofGoods-NormalGoodsInferiorGoodsHigherine

raisesthequantitydemandedfor

normalgoods

butlowersthequantitydemandedfor

inferiorgoods.曼昆微观经济学第五版第五章共64页，您现在浏览的是第46页!PriceElasticityofSupplyPriceelasticityofsupplyisthepercentagechangeinquantitysuppliedresultingfromapercentchangeinprice.Itisameasureofhowmuchthequantitysuppliedofagoodrespondstoachangeinthepriceofthatgood.曼昆微观经济学第五版第五章共64页，您现在浏览的是第47页!RangesofElasticityRelativelyInelasticES<1PerfectlyInelasticES=0曼昆微观经济学第五版第五章共64页，您现在浏览的是第48页!InelasticSupply

-Elasticityislessthan1QuantityPrice4$51.A22%increaseinprice...110100Supply2....leadstoa10%increaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第49页!ElasticSupply

-Elasticityisgreaterthan1QuantityPrice4$51.A22%increaseinprice...200100Supply2....leadstoa67%increaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第50页!Determinantsof

ElasticityofSupplyAbilityofsellerstochangetheamountofthegoodtheyproduce.Beach-frontlandisinelastic.Books,cars,ormanufacturedgoodsareelastic.Timeperiod.Supplyismoreelasticinthelongrun.曼昆微观经济学第五版第五章共64页，您现在浏览的是第51页!ApplicationofElasticityCangoodnewsforfarmingbebadnewsforfarmers?Whathappenstowheatfarmersandthemarketforwheatwhenuniversityagronomistsdiscoveranewwheathybrid thatismoreproductivethanexistingvarieties?曼昆微观经济学第五版第五章共64页，您现在浏览的是第52页!AnIncreaseinSupplyintheMarketforWheat$3QuantityofWheat1000PriceofWheatDemandS1Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.曼昆微观经济学第五版第五章共64页，您现在浏览的是第53页!ComputeElasticity曼昆微观经济学第五版第五章共64页，您现在浏览的是第54页!SummaryPriceelasticityofdemandmeasureshowmuchthequantitydemandedrespondstochangesintheprice.Ifademandcurveiselastic,totalrevenuefallswhenthepricerises.Ifitisinelastic,totalrevenuerisesasthepricerises.

曼昆微观经济学第五版第五章共64页，您现在浏览的是第55页!GraphicalReview曼昆微观经济学第五版第五章共64页，您现在浏览的是第56页!PerfectlyInelasticDemand

-Elasticityequals0QuantityPrice4$5Demand1002....leavesthequantitydemandedunchanged.1.Anincreaseinprice...曼昆微观经济学第五版第五章共64页，您现在浏览的是第57页!UnitElasticDemand

-Elasticityequals1QuantityPrice4$51.A22%increaseinprice...Demand100802....leadstoa22%decreaseinquantity.曼昆微观经济学第五版第五章共64页，您现在浏览的是第58页!PerfectlyElasticDemand

-ElasticityequalsinfinityQuantityPriceDemand$41.Atanypriceabove$4,quantitydemandediszero.2.Atexactly$4,consumerswillbuyanyquantity.3.Atapricebelow$4,quantitydemanded