Addictive
Proportion of Income Spent
Lenght of Time
Determinant
Necessities/Luxuries
Broad of Narrow Definition of Products
Availability of Substitutes
The Price Elasticity of Demand and Its Determinant
Perfectly Inelastic [PED=0]
Inelastic [PED>0 But <1]
Range
Unitary [PED=1]
Elastic [PED>1]
Perfectly Elastic [PED Infinity]
Formula for Price Elasticity of Demand
Computing the Price Elasticity of Demand
Calculating Percentage Changes
The Price Elasticity of Demand Using the Midpoint Formula
The MidPoint Method: A Better Way to Calculate Percentage
Changes and Elasticities
Calculating Percentage Changes Using the Midpoint Method
Perfectly Inelastic Demand: Elasticity Equals 0
Inelastic Demand: Elasticity is Less than 1
Unit Elastic Demand: Elasticity Equals 1
The Variety of Demand Curves
The Elasticity of Demand
Elasticity Demand: Elasticity Is Greater Than 1
Perfectly Elastic Demand: Elasticity Equals Infinity
A Few Elasticity from the Real World
Curve for Elasticity and Total Revenue
Total Revenue and The Price Elasticity of Demand
Elasticity and Total Revenue: Inelasticity Demand
Elasticity and Total Revenue: Elastic Demand
Elasticity and Total Revenue along a Linear Demand Curve
Elasticity and Its Application
Computing the Elasticity of a Linear Demand Curve
Normal Goods
Income Elasticity Types of Goods
Inferior Goods
Income Elasticity of Demand
Computing Income Elasticity
Income Elastic & Income Inelastic
Perfectly Inelastic [PES=0]
Inelastic [PES>0 BUT <1
Range
Unitary [PES=1]
Elastic [PES>1]
The Price Elasticity of Supply and Its Determinant
Perfectly Elastic [PES Infinity]
PES is INELASTIC in Short Run
Determinants
PES is Elastic in Long Run
Cost of Increasing Supply
Computing the Price Elasticity of Supply
Price Elasticity of Supply, Again Using Midpoint Method to
Compute the Percentage Changes
Perfectly Inelastic, PES=0
The Elasticity of Supply
Inelastic, PES= <1
The Variety of Supply Curves
Unit Elastic, PES= 1
Elastic, PES= >1
Perfectly Elastic, PES= Infinity
Can Good News for Farming Be Bad News for Farmers
Three Application of Supply, Demand, and
Elasticity
Why Did OPEC Fail to Keep the Price of Oil High?
Does Drug Interdiction Increase or Decrease Drug-Relate
Crime
Price elasticity of demand measure how much the quantity
demanded responds to changes in price
Price elasticity of Demand is calculated as the percentage
change in quantity demanded divided by the percentage
change in price
Conclusion
If a demand curve is elastic, total revenue falls when the
price rises
The cross-price elasticity of demand measure how kuch the
quantity demanded of one good responds to the price of
another good
The price elasticity of supply measure how much the
quantity supplied responds to change in the price