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Chapter
2©2005
Pearson
Education,Inc.Chapter
2The
Basics
of
Supplyand
DemandIntroduction©2005
Pearson
Education,Inc.Chapter
22What
are
supply
anddemand?What
is
the
marketmechanism?What
are
the
effects
of
changes
in
marketequilibrium?What
are
elasticities
of
supply
anddemand?Topics
to
Be
Discussed©2005
Pearson
Education,Inc.Chapter
23How
do
short-run
and
long-run
elasticitiesdiffer?How
do
we
understand
and
predict
theeffects
of
changing
marketconditions?What
are
the
effects
of
governmentintervention
–
price
controls?Supply
and
Demand©2005
Pearson
Education,Inc.Chapter
24Supply
and
demand
analysis
can:Help
us
understand
and
predict
howrealworld
economic
conditions
affect
marketprice
and
productionAnalyze
the
impact
of
government
pricecontrols,
minimum
wages,
price
supports,and
production
incentives
on
the
economyDetermine
how
taxes,
subsidies,
tariffsand
import
quotas
affect
consumers
andproducersSupply
and
DemandThe
Supply
CurveThe
relationship
between
the
quantity
of
agood
that
producers
are
willing
to
sell
and
theprice
of
the
goodMeasures
quantity
on
the
x-axis
and
price
onthe
y-axis©2005
Pearson
Education,Inc.Chapter
25The
SupplyCurveSThe
supply
curve
slopesupward,
demonstrating
thatat
higher
prices
firmswill
increase
outputThe
Supply
Curve,Graphically
DepictedQuantityPrice($
per
unit)P1Q1P2©2005
Pearson
Education,Inc.Chapter
26Q2The
SupplyCurve©2005
Pearson
Education,Inc.Chapter
27Other
Variables
Affecting
SupplyCosts
of
ProductionLaborCapitalRaw
MaterialsLower
costs
of
production
allow
a
firm
toproduce
more
at
each
price
and
vice
versaChange
in
SupplyThe
cost
of
rawmaterials
fallsProduced
Q1
atP1and
Q0
at
P2Now
produce
Q2
at
P1and
Q1
at
P2Supply
curve
shiftsright
to
S’PSP1P2S’Q0
Q1
Q2
Q©2005
Pearson
Education,Inc.Chapter
28The
SupplyCurve©2005
Pearson
Education,Inc.Chapter
29Change
in
Quantity
SuppliedMovement
along
the
curve
caused
by
achange
in
priceChange
in
SupplyShift
of
the
curve
caused
by
a
change
insomething
other
than
the
price
of
the
goodChange
in
costs
of
productionSupply
and
DemandThe
Demand
CurveThe
relationship
between
the
quantity
of
agood
that
consumers
are
willing
to
buy
andthe
price
of
the
goodMeasures
quantity
on
the
x-axis
and
price
onthe
y-axis©2005
Pearson
Education,Inc.Chapter
210The
Demand
CurveDThe
demand
curve
slopesdownward,
demonstratingthat
consumers
are
willingto
buy
more
at
a
lowerpriceas
the
product
becomesrelatively
cheaper.QuantityPrice($
per
unit)P2P1Q1Q2©2005
Pearson
Education,Inc.Chapter
211The
Demand
Curve©2005
Pearson
Education,Inc.Chapter
212Other
Variables
Affecting
DemandIncomeIncreases
in
income
allow
consumers
topurchase
more
at
all
pricesConsumer
TastesPrice
of
Related
GoodsSubstitutesComplementsDPD’Q0
Q1P2P1Q2
QChange
in
Demand©2005
Pearson
Education,Inc.Chapter
213Income
IncreasesPurchased
Q0,
at
P2and
Q1
at
P1Now
purchased
Q1
atP2
andQ2
atP1Same
for
all
pricesDemand
curve
shiftsrightThe
Demand
Curve©2005
Pearson
Education,Inc.Chapter
214Changes
in
quantity
demandedMovements
along
the
demand
curve
causedby
a
change
in
priceChanges
in
demandA
shift
of
the
entire
demand
curve
caused
bysomething
other
than
priceIncomePreferencesThe
MarketMechanism©2005
Pearson
Education,Inc.Chapter
215The
market
mechanism
is
the
tendency
ina
free
market
for
price
to
change
until
themarket
clearsMarkets
clear
when
quantity
demandedequals
quantity
supplied
at
the
prevailingpriceMarket
clearing
price
–
price
atwhichmarketsclearThe
MarketMechanismDSThe
curves
intersect
atequilibrium,
or
market-clearing,
price.Quantity
demandedequals
quantitysupplied
atP0P0Q0Quantity©2005
Pearson
Education,Inc.Chapter
216Price($
per
unit)The
MarketMechanism©2005
Pearson
Education,Inc.Chapter
217InequilibriumThere
is
no
shortage
or
excess
demandThere
is
no
surplus
or
excess
supplyQuantity
supplied
equals
quantity
demandedAnyone
who
wants
to
buy
at
the
current
pricecan
and
all
producers
who
want
to
sell
at
thatpricecanMarket
Surplus1©2005
Pearson
Education,Inc.Chapter
218The
market
price
is
above
equilibriumThere
is
excess
supply
-
surplusDownward
pressure
on
priceQuantity
demanded
increases
and
quantitysupplied
decreasesThe
market
adjusts
until
new
equilibriumisreachedThe
MarketMechanismDSP0Q0At
P1,
price
isabovethemarket
clearingpriceQs
>
QDPrice
falls
to
themarket-clearingpriceMarket
adjuststo
equilibriumP1SurplusQuantityPrice($
per
unit)QSQD©2005
Pearson
Education,Inc.Chapter
219The
MarketMechanism©2005
Pearson
Education,Inc.Chapter
220The
market
price
is
below
equilibrium:There
is
excess
demand
-
shortageUpward
pressure
on
pricesQuantity
demanded
decreases
and
quantitysupplied
increasesThe
market
adjusts
until
the
new
equilibriumisreachedThe
MarketMechanismDSQSQDP2QuantityPrice($
per
unit)At
P2,
price
isbelowthemarketclearing
priceQD
>
QSPrice
risestothe
market-clearing
priceMarket
adjuststo
equilibriumQ3P3Shortage©2005
Pearson
Education,Inc.Chapter
221The
MarketMechanism©2005
Pearson
Education,Inc.Chapter
222Supply
and
demand
interact
to
determinethe
market-clearing
priceWhen
not
in
equilibrium,
the
marketwilladjust
to
alleviate
a
shortage
or
surplusand
return
the
market
toequilibriumMarkets
must
be
competitive
for
themechanism
to
be
efficientChanges
in
Market
Equilibrium©2005
Pearson
Education,Inc.Chapter
223Equilibrium
prices
are
determined
by
therelative
level
of
supply
and
demandChanges
in
supply
and/or
demandwillcause
change
in
the
equilibrium
priceand/or
quantity
in
a
free
marketS’Changes
in
Market
EquilibriumRaw
material
pricesfallS
shifts
to
S’Surplus
at
P1
betweenQ1,
Q2Price
adjusts
toequilibrium
at
P3,
Q3PQSDP1P3Q1Q3Q2©2005
Pearson
Education,Inc.Chapter
224D’SDQ3P3P1Changes
in
Market
EquilibriumIncome
IncreasesDemand
increases
toD’Shortage
at
P1
of
Q1to
Q2Equilibrium
at
P3
andQ3PQQ1Q2©2005
Pearson
Education,Inc.Chapter
225D’S’Changes
in
Market
EquilibriumIncome
increasesand
rawmaterialprices
fallQuantity
increasesIf
the
increase
in
D
isgreater
thantheincrease
in
S
pricealso
increasesPQSP2P1©2005
Pearson
Education,Inc.Chapter
226Q2DQ1Shifts
in
Supply
and
Demand©2005
Pearson
Education,Inc.Chapter
227When
supply
and
demand
changesimultaneously,
the
impact
ontheequilibrium
price
and
quantity
isdetermined
by:The
relative
size
and
direction
of
thechangeThe
shape
of
the
supply
anddemandmodelsThe
Price
of
a
College
Education©2005
Pearson
Education,Inc.Chapter
228The
real
price
of
a
college
education
rose55
percent
from
1970
to
2002Increases
in
costs
of
modern
classroomsand
wages
increased
costs
of
production–
decrease
in
supplyDue
to
a
larger
percentage
of
high
schoolgraduates
attending
college,
demandincreasedMarket
for
a
CollegeEducationQ
(millions
enrolled))P(annual
costin
1970dollars)D1970S1970S2002D2002$3,917Newequilibriumwas
reachedat
$4,573
anda
quantity
of12.3
millionstudents8.6
13.2$2,530©2005
Pearson
Education,Inc.Chapter
229TheLong-RunBehaviorof
Natural
Resource
Prices©2005
Pearson
Education,Inc.Chapter
230Consumption
of
copper
has
increased
abouta
hundredfold
from
1880
through
2002The
long
term
real
price
for
copper
hasremained
relatively
constantIncreased
demand
as
world
economy
grewDecreased
production
costs
increased
supplyS2002D2002D1900S1900S1950D1950Long-RunPathofPrice
and
ConsumptionResource
Market
Equilibrium©2005
Pearson
Education,Inc.Chapter
231QuantityPriceResource
Market©2005
Pearson
Education,Inc.Chapter
232ConclusionDecreases
in
the
costs
of
productionhaveincreased
the
supply
by
more
than
enough
tooffset
the
increase
in
demandElasticities
of
Supply
and
Demand©2005
Pearson
Education,Inc.Chapter
233Not
only
are
we
concerned
with
what
directionprice
and
quantity
will
move
when
the
marketchanges,
but
we
are
concerned
about
howmuch
theychangeElasticity
gives
a
way
to
measure
by
how
mucha
variable
will
change
with
the
change
inanother
variableSpecifically,
it
gives
the
percentage
changeinone
variable
resulting
from
a
onepercentchange
in
anotherPrice
Elasticity
of
DemandMeasures
the
sensitivity
of
quantitydemanded
to
price
changesIt
measures
the
percentage
change
in
thequantity
demanded
of
a
good
that
resultsfrom
a
one
percent
change
inprice©2005
Pearson
Education,Inc.Chapter
234Price
Elasticity
of
DemandThe
percentage
change
in
a
variable
isthe
absolute
change
in
the
variabledivided
by
the
original
level
of
thevariableTherefore,
elasticity
can
also
be
writtenas:©2005
Pearson
Education,Inc.Chapter
235Price
Elasticity
of
Demand©2005
Pearson
Education,Inc.Chapter
236Usually
a
negative
numberAs
price
increases,
quantity
decreasesAs
price
decreases,
quantity
increasesWhen
|EP|
>
1,
the
good
is
priceelastic|%
Q|
>|%
P|When
|EP|
<
1,
the
good
is
priceinelastic|%
Q|
<
|%
P|Price
Elasticity
of
Demand©2005
Pearson
Education,Inc.Chapter
237The
primary
determinant
of
priceelasticity
of
demand
is
the
availabilityofsubstitutesMany
substitutes,
demand
is
price
elasticCan
easily
move
to
another
good
with
priceincreasesFew
substitutes,
demand
is
price
inelasticPrice
Elasticity
of
Demand©2005
Pearson
Education,Inc.Chapter
238Looking
at
a
linear
demand
curve,
as
wemove
along
the
curve
Q/
P
isconstant,but
P
and
Q
willchangePrice
elasticity
of
demand
must
thereforebe
measured
at
a
particular
point
on
thedemand
curveElasticity
will
change
along
the
demandcurve
in
a
particular
wayPrice
Elasticity
of
Demand©2005
Pearson
Education,Inc.Chapter
239Given
a
linear
demand
curveElasticity
depends
on
slope
and
on
thevalues
of
P
and
QThe
top
portion
of
demand
curve
is
elasticPrice
is
high
and
quantity
smallThe
bottom
portion
of
demand
curve
isinelasticPrice
is
low
and
quantity
highPrice
Elasticity
of
Demand8
QPrice424Ep
=-1Ep
=0EP
=
-
ElasticInelasticDemand
CurveQ
=
8
–
2P©2005
Pearson
Education,Inc.Chapter
240Price
Elasticity
of
Demand©2005
Pearson
Education,Inc.Chapter
241The
steeper
the
demand
curve,
the
moreinelastic
the
demand
for
thegoodbecomesThe
flatter
the
demand
curve,
the
moreelastic
the
the
demand
for
thegoodbecomesTwo
extreme
cases
of
demand
curvesCompletely
inelastic
demand
–
verticalInfinitely
elastic
demand
–
horizontalInfinitely
Elastic
DemandDP*Quantity©2005
Pearson
Education,Inc.Chapter
242PriceEP
=
∞Completely
Inelastic
DemandQuantityPriceQ*©2005
Pearson
Education,Inc.Chapter
243DEP
=
0Other
Demand
ElasticitiesIncome
Elasticity
of
DemandMeasures
how
much
quantity
demandedchanges
with
a
change
in
income©2005
Pearson
Education,Inc.Chapter
244Other
Demand
ElasticitiesCross-Price
Elasticity
ofDemandMeasures
the
percentage
change
in
thequantity
demanded
of
one
good
that
resultsfrom
a
one
percent
change
in
the
price
ofanother
good©2005
Pearson
Education,Inc.Chapter
245Other
Demand
Elasticities©2005
Pearson
Education,Inc.Chapter
246Complements:
Cars
and
TiresCross-price
elasticity
of
demand
is
negativePrice
of
cars
increases,
quantity
demandedoftires
decreasesSubstitutes:
Butter
and
MargarineCross-price
elasticity
of
demand
is
positivePrice
of
butter
increases,
quantity
of
margarinedemanded
increasesPrice
Elasticity
of
SupplyMeasures
the
sensitivity
of
quantitysupplied
given
a
change
inpriceMeasures
the
percentage
change
in
quantitysupplied
resulting
from
a
1
percent
change
inprice©2005
Pearson
Education,Inc.Chapter
247Point
vs.
Arc
ElasticitiesPoint
elasticity
of
demandPrice
elasticity
of
demand
at
a
particular
pointon
the
demand
curveArc
elasticity
of
demandPrice
elasticity
of
demand
calculated
over
arange
of
prices©2005
Pearson
Education,Inc.Chapter
248Elasticity:
An
Application©2005
Pearson
Education,Inc.Chapter
249During
the
1980’s
and
1990’s,
the
marketfor
wheat
went
through
changes
that
hadgreat
implications
for
American
farmersand
US
agricultural
policyUsing
the
supply
and
demand
curves
forwheat,
we
can
analyze
what
occurred
inthis
marketElasticity:
An
Application©2005
Pearson
Education,Inc.Chapter
250Supply:
QS
=
1900
+
24PDemand:
QD
=
3550
–
266PElasticity:
An
Application©2005
Pearson
Education,Inc.Chapter
251QD
=
QS1800
+
240P
=
3550
–
266P506P
=
1750P
=
$3.46
perbushelQ
=
1800
+
(240)(3.46)
=
2630millionbushelsElasticity:
An
ApplicationWe
can
find
the
elasticities
of
demandand
supply
at
thesepoints©2005
Pearson
Education,Inc.Chapter
252Elasticity:
An
ApplicationAssume
the
price
of
wheat
is$4.00/bushel
due
to
decrease
in
supply©2005
Pearson
Education,Inc.Chapter
253Elasticity:
An
Application©2005
Pearson
Education,Inc.Chapter
254In
2002,
the
supply
and
demand
forwheat
were:Supply:
QS
=
1439
+
267PDemand:
QD
=
2809
–
226PElasticity:
An
Application©2005
Pearson
Education,Inc.Chapter
255QD
=
QS2809
-
226P
=
1439
+
267PP
=
$2.78
perbushelQ
=
2809
-
(226)(2.78)
=
2181millionbushelsPrice
of
wheat
fell
in
nominal
terms.Short-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
256Price
elasticity
varies
with
the
amount
oftime
consumers
have
to
respond
to
apriceShort-run
demand
and
supply
curvesoften
look
very
different
from
their
long-run
counterpartsShort-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
257DemandIn
general,
demand
is
much
more
priceelastic
in
the
long
runConsumers
take
time
to
adjust
consumptionhabitsDemand
might
be
linked
to
another
goodthatchanges
slowlyMore
substitutes
are
usually
available
in
thelong
runGasoline:
Short-Run
andLong-RunDemand
CurvesDSRDLRPeople
cannot
easilyadjust
consumption
in
theshort
run.In
the
long
run,
peopletend
to
drive
smaller
andmore
fuel
efficient
cars.Quantity
of
Gas©2005
Pearson
Education,Inc.Chapter
258PriceShort-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
259Demand
and
DurabilityFor
some
durable
goods,
demand
ismoreelastic
in
the
short
runIf
goods
are
durable,
then
when
priceincreases,
consumers
choose
to
hold
on
tothe
good
instead
of
replacing
itBut
in
long
run,
older
durable
goods
will
haveto
bereplacedDSRDLRInitially,
people
may
putoff
immediatecarpurchaseIn
long
run,
older
carsmust
be
replacedCars:Short-Run
andLong-RunDemand
CurvesQuantity
ofCars©2005
Pearson
Education,Inc.Chapter
260PriceShort-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
261Income
elasticity
also
varies
withtheamount
of
time
consumers
have
torespond
to
an
incomechangeFor
most
goods
and
services,incomeelasticity
is
larger
in
the
long
runWhen
income
changes,
it
takes
time
to
adjustspendingShort-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
262Income
elasticity
of
durable
goodsIncome
elasticity
is
less
in
the
long
runthanin
the
short
runIncreases
in
income
mean
consumers
will
wantto
hold
more
carsOnce
older
cars
are
replaced,
purchases
willonly
be
to
replace
old
carsLess
purchases
from
income
increase
in
longrun
than
in
short
runDemand
for
Gasoline©2005
Pearson
Education,Inc.Chapter
263Demand
for
Automobiles©2005
Pearson
Education,Inc.Chapter
264Short-RunVersus
Long-RunElasticity©2005
Pearson
Education,Inc.Chapter
265Most
goods
and
services:Long-run
price
elasticity
of
supply
is
greaterthan
short-run
price
elasticity
ofsupplyOther
Goods
(durables,
recyclables):Long-run
price
elasticity
of
supply
is
less
thanshort-run
price
elasticity
of
supplySSRQuantity
Primary
CopperPriceShort-RunVersus
Long-RunElasticitySLRDue
tolimitedcapacity,
firms
are
limited
byoutput
constraintsin
the
short
run.In
the
long
run,
theycan
expand.©2005
Pearson
Education,Inc.Chapter
266SSRQuantity
Secondary
CopperPriceShort-RunVersus
Long-RunElasticitySLRPrice
increasesprovide
an
incentiveto
convert
scrapcopper
into
new
supply.In
the
long
run,
thisstock
of
scrap
copperbegins
to
fall.©2005
Pearson
Education,Inc.Chapter
267Supply
of
Copper©2005
Pearson
Education,Inc.Chapter
268Short-Run
vs.
Long-RunElasticity
–
An
Application©2005
Pearson
Education,Inc.Chapter
269Why
are
coffee
prices
very
volatile?Most
of
the
world’s
coffee
is
produced
inBrazilMany
changing
weather
conditions
affect
thecrop
of
coffee,
thereby
affecting
pricePrice
following
bad
weather
conditionsisusually
short-livedIn
long
run,
prices
come
back
tooriginallevels,
all
else
equalPrice
of
Brazilian
Coffee©2005
Pearson
Education,Inc.Chapter
270Short-Run
vs.
Long-RunElasticity
–
An
Application©2005
Pearson
Education,Inc.Chapter
271Demand
and
supply
are
more
elastic
inthe
long
runIn
the
short
run,
supply
is
completelyinelasticWeather
may
destroy
part
of
the
fixed
supply,decreasing
supplyDemand
is
relatively
inelastic
as
wellPrice
increases
significantlyDP0Q0QuantityPriceA
freeze
or
droughtdecreases
the
supplyof
coffeeS’
SQ1An
Application
-
CoffeePrice
increasessignificantly
due
toinelastic
supply
anddemandP1©2005
Pearson
Education,Inc.72Chapter
2S’DSQ0P2P0Q2Intermediate-RunSupply
and
demandaremore
elasticPrice
falls
back
toP2.An
Application
-
CoffeeQuantity©2005
Pearson
Education,Inc.Chapter
273PriceSP0Q0Long-RunSupply
is
extremely
elasticPrice
falls
back
toP0.Quantity
back
to
Q0.An
Application
-
CoffeeQuantityPriceD©2005
Pearson
Education,Inc.Chapter
274Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
275Supply
and
demand
analysis
can
beusedto
predict
the
effects
of
changing
marketconditionsLinear
demand
and
supply
must
be
fit
tomarket
dataGiven
equilibrium
price
and
quantity
along
withelasticities
of
supply
and
demand,
we
cancalculate
the
curves
that
fit
theinformationWe
can
then
calculate
changes
in
themarketPredicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
276We
knowEquilibrium
Price,
P*Equilibrium
Quantity,
Q*Price
elasticity
of
supply,
ESPrice
elasticity
of
demand,EDPredicting
the
Effects
ofChanging
Market
ConditionsLet’s
begin
with
the
equations
for
supply,demand,
elasticity:Demand:
Q
=
a
–
bPSupply:
Q
=
c
+
dPElasticity:
(P/Q)(
Q/
P)We
must
calculate
numbers
for
a,
b,
c,and
d.©2005
Pearson
Education,Inc.Chapter
277Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
278The
slope
of
the
demand
curveaboveequals
Q/
P
which
equals
-bThe
slope
of
the
supply
curve
aboveequals
Q/
P
which
equals
dDemand: ED
=
-b(P*/Q*)Supply: ES
=
d(P*/Q*)Demand:
Q
=
a
-
bPPricea/bSupply:
Q
=
c
+
dP-c/dP*Q*ED
=
-bP*/Q*ES
=
dP*/Q*Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
279QuantityPredicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
280Using
P*,
Q*
and
the
elasticities,
we
cansolve
for
b
and
c
from
supplyES
=d(P*/Q*)1.6
=
d(0.75/7.5)
=
0.1dd
=
16
Q
=
c
+
dP
7.5
=
c
+
(16)(0.75)
=
c
+
12c
=
-4.5Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
281Using
P*,
Q*
and
the
elasticities,
we
cansolve
for
a
and
b
from
demandED
=–b(P*/Q*)-0.8
=
-b(0.75/7.5)
=
–0.1bb
=
8
Q
=
a
–
bP
7.5
=
a
–
(8)(0.75)
=
a
–
6a
=
13.5Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
282We
now
have
equations
for
supply
anddemandSupply: Q
=
–4.5
+
16PDemand: Q
=
13.5
–
8PSetting
them
equal
will
give
usequilibrium
price
and
quantity
with
whichwebeganSupply:QS
=
-4.5
+
16P-c/dDemand:
QD
=
13.5
-
8PPricea/b.757.5Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
283Mmt/yrPredicting
the
Effects
ofChanging
Market
ConditionsWe
have
written
supply
and
demand
sothat
they
only
depend
upon
priceDemand
could
also
depend
upon
othervariables
such
as
incomeDemand
would
then
be
written
as:©2005
Pearson
Education,Inc.Chapter
284Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
285We
know
the
following
informationregarding
the
copper
industry:I
=
1.0P*
=
0.75Q*
=
7.5b
=
8Income
elasticity:
EI=
1.3Predicting
the
Effects
ofChanging
Market
Conditions©2005
Pearson
Education,Inc.Chapter
286Using
the
elasticity
of
income
formula,wecan
solve
for
fEI
=(I/Q)(ΔQ/ΔI)1.3
=
(1.0/7.5)(f)f
=
9.75Substituting
back
into
demand
equationgives
a
=
3.75Declining
Demand
and
theBehavior
of
Copper
Prices©2005
Pearson
Education,Inc.Chapter
287Copper
has
gone
through
difficult
marketchanges
leading
the
significantly
reducedprices
most
from
decreased
demandfromA
decrease
in
the
growth
rate
of
powergenerationThe
development
of
substitutes:
fiber
opticsand
aluminumReal
v
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