Understanding Elasticity in Economics
Explore the concept of elasticity in economics through tables, figures, and estimated price elasticities of demand and supply. Learn about the relationship between price and quantity, demand curves, and effects of price changes on revenues.
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Presentation Transcript
Chapter Four: Elasticity
Table 4.1 Relationship Between Price and Quantity Table 4.1 Relationship Between Price and Quantity Demanded for Braeburn s Poetry Book Demanded for Braeburn s Poetry Book
Figure 4.1 Demand Curve for Figure 4.1 Demand Curve for Braeburn s Braeburn s Poetry Book Poetry Book
Figure 4.2 Perfectly Inelastic and Perfectly Elastic Figure 4.2 Perfectly Inelastic and Perfectly Elastic Demand Curves Demand Curves
Figure 4.3 Elasticity Varies Along a Straight Figure 4.3 Elasticity Varies Along a Straight- -Line Demand Curve Line Demand Curve
Figure 4.4 Changing the x Figure 4.4 Changing the x- -Axis Scale of Demand Curve Demand Curve Axis Scale of Braeburn s Braeburn s
Figure 4.5 Figure 4.5 Braeburn s Braeburn s Book Revenues Book Revenues
Table 4.2 Effects of Price Changes on Revenues Table 4.2 Effects of Price Changes on Revenues
Table 4.3 Some Estimated Price Elasticities of Demand Table 4.3 Some Estimated Price Elasticities of Demand Sources: Perucic, 2012; Dalhuisen et al., 2003; https://en.wikipedia.org/wiki/Price_elasticity_of_demand.
Figure 4.6: The Price Elasticity of Supply The Price Elasticity of Supply
Figure 4.7 The Income Elasticity of Demand Figure 4.7 The Income Elasticity of Demand
