Elasticity Of Demand

Elasticity ,[object Object],[object Object],[object Object],[object Object],Coefficient of demand elasticity = % change in quantity demanded % change in price

Formula for Calculating Elasticity Q1 is Initial Quantity Q2 is Final Quantity P1 is Initial Price P2 is Final Price

Example ,[object Object],Q1 = 10 Q2 = 9.5 P1 = 0.50 P2 = 0.54 E d = 0.67

Inelastic Demand ,[object Object],[object Object]

Inelastic Demand ,[object Object],[object Object],[object Object],Quantity Price Big change in price Small change in quantity

Elastic Demand ,[object Object],[object Object]

Elastic Demand ,[object Object],[object Object],[object Object],Quantity Price Small change in price Big change in quantity

Unitary Elasticity ,[object Object],[object Object],[object Object],change in price change in quantity Quantity Price

Elasticity and Revenue ,[object Object],[object Object],[object Object]

Factors Affecting Demand Elasticity ,[object Object],[object Object],[object Object],[object Object]

Questions ,[object Object],[object Object]

Elasticity of Supply ,[object Object],Coefficient of supply elasticity = % change in quantity supplied % change in price

Elasticity of Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Factors Affecting Supply Elasticity ,[object Object],[object Object],Quantity Price Short term supply Long term supply

Factors Affecting Supply Elasticity ,[object Object],[object Object],[object Object],[object Object]

Elasticity Of Demand

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Elasticity Of Demand