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### 3_Price_elasticity

Course: PBAF 516, Fall 2009
School: Washington
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Word Count: 210

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School Evans of Public Affairs Public Affairs 516 Prof. R. Plotnick Price Elasticity 1. Responsiveness of quantity demanded to change in price 2. Definition of price elasticity of demand (or &quot;demand elasticity&quot;): Percentage change in Q / percentage change in P To measure elasticity over an arc, use this formula: - (Q1 - Q2) / ((Q1 + Q2)/2) _____________________________ (P1 - P2)/ ((P1 + P2)/2)...

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School Evans of Public Affairs Public Affairs 516 Prof. R. Plotnick Price Elasticity 1. Responsiveness of quantity demanded to change in price 2. Definition of price elasticity of demand (or "demand elasticity"): Percentage change in Q / percentage change in P To measure elasticity over an arc, use this formula: - (Q1 - Q2) / ((Q1 + Q2)/2) _____________________________ (P1 - P2)/ ((P1 + P2)/2) 3. Elastic vs. unit elastic vs. inelastic demand curves 4. Applications numerous uses for public and non-profit organizations whenever there is concern about how a price change will affect use or demand for a good or servies. E.g. impact on smoking of higher taxes on cigarettes, on impact applications and attendance of higher tuition, impact on attendance of raising admission fee at a museum, effect on bus ridership of raising the fare. 5. Related ideas of income elasticity, cross-price elasticity, supply elasticity Cross-price elasticity of demand is important when thinking about how price changes of related goods might affect your sales or use of a public or nonprofit service. E.g., how does the price of gasoline affect demand for local bus service & carpooling? How does the price of child care affect participation in the labor force and number of hours worked? How does the price of theater tickets affect demand for Seattle Symphony concerts?
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