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19 Wednesday, October 11, 2006
Course: EC 201, Fall 2006School: N.C. State
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October Wednesday, 11, 2006 Microeconomics TWO ROLES FOR THE PRICE ELASTICITY OF DEMAND 1. Characterization of points along a demand curve 2. Characterization of a demand curve (a b = b a) same thing P 6 A Elastic 5 4 3 2 1 2 4 6 8 10 12 B C D E F D Q 2 6 = 56 5+6 86 8+6 = P2 P1 P2 + P1 Q2d Q1d Ed,pe to f = Q2d + Q1d = P2 P1 P2 + P1 12 1+2 34 3+4 12 10 12 + 10 = -1 3 = -1 7 -1 11 = 1 x Ed,pa to b = Q2d + Q1d...
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October Wednesday, 11, 2006 Microeconomics TWO ROLES FOR THE PRICE ELASTICITY OF DEMAND 1. Characterization of points along a demand curve 2. Characterization of a demand curve (a b = b a) same thing P 6 A Elastic 5 4 3 2 1 2 4 6 8 10 12 B C D E F D Q 2 6 = 56 5+6 86 8+6 = P2 P1 P2 + P1 Q2d Q1d Ed,pe to f = Q2d + Q1d = P2 P1 P2 + P1 12 1+2 34 3+4 12 10 12 + 10 = -1 3 = -1 7 -1 11 = 1 x Ed,pa to b = Q2d + Q1d = P2 P1 P2 + P1 Q2d Q1d Ed,pc to d = Q2d + Q1d 4+2 3 1 = 3.7 Elastic -11 Inelastic Unit Elastic
Q2d Q1d
42
2 14 =
1 7 = -1 -1 7 Unit Elastic
2 22 =
1 x 11
-3 1 = 11 -3 = -.2727 Inelastic
Wednesday, October 11, 2006 Top of Demand Curve = Ed,p > 1 Middle of Demand Curve = Ed,p = 1 Bottom of Curve Demand = Ed,p < 1 ELASTICITY AND TOTAL REVENUE TOTAL REVENUE is total amount that producers receive from selling a particular product (TR = P x Q) P 15 12 9 6 3 D 5 TR = P > Q TR = P < Q 10 15 = Inelastic = Elastic 20 25 Q 5 10 15 20 25 Q 135 120 75 TR
If in increase in price wins out over a decrease in quantity, it follows that % Qd < % P ( Ed,p < 1 and demand is inelastic) and TR will increase. If the decrease in quantity over the increase in Price, it follows that ( Ed,p > 1 and demand is elastic) and TF will decrease. TR is highest when demand is unit elastic P Elastic Inelastic Unit elastic TR TR TR P TR TR % Qd TR Ed,p = %P Ed,p = % Qd %P TR = P x Q TR = P x Q % Qd > % P
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