- Exercises 14-16 (p. 89)
- Price Elasticity of Supply and its Determinants
- Exercises 17-20 (p. 95)
- Applications of Elasticity (PED, XED and YED)
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“Happiness literacy reveals how we are being socialized to view happiness in a consumer society that often associates happiness with material consumption" (p. 47).
Elasticy is the measure of how much the buyers would react to a change in price
ReplyDeleteelasticity is a measure of a variables sensitivity and the change in another variable, it is basically how businesses , consumers and manufacturers change the demand
ReplyDeleteThe price elasticity of demand measures the responsiveness of quantity demanded to a change in price, along a given demand curve. And the Cross price elasticity of demand: measures the responsiveness of a demand for one good to a change in price of another good.
ReplyDeleteElasticity the responsive of one thing changes to the consequences reaction in a market. when elasticity is less than 1, the consumer's reaction is inelastic, if elasticity is equal to 1, it's unit elastic. if elasticity is more than 1, we say it's elastic.
ReplyDeleteelasticity refers to the sensitivity of a variable when the other variable is increased or decreased
ReplyDeleteElasticity of economy is something that when one thing changes (Income), how responsive is another elements (quantity demanded) to it. The first element could also be price of other related good or just the different prices of the same good. When the elasticity is between -1 and 1, it is inelastic, when its greater than 1 or smaller than -1, the product is elastic.
ReplyDelete- Elasticity includes the price elasticity of demand and the price elasticity of supply. Each can be calculated using a different formula.
ReplyDelete- It deals with the responsiveness that consumers have to any change in demand or supply in an economy.
- It looks at the relationships between price and quantity demanded and supplied in a market
SUMMARY OF ELASTICITY:
ReplyDeletePRICE ELASTICITY OF DEMAND:
When the price elasticity of demand for a good is relatively inelastic, the percentage change in quantity demanded is smaller than that in price.
Price elasticity of demand: a measure of the responsiveness of consumers to prices changes.
ReplyDeletePED=%Change in Qd/%Change in P
Cross price elasticity. responsiveness of consumers of a particular good to a change in the price of the good. Substitutes or complements.
a XED value of less than one means that consumers of one good are relatively unresponsive to changes in the price of the relate good.
Elasticity
ReplyDeleteIncome of elasticity
Demand of elasticity
Supply of elasticity
The degree of demand and supply curve to reacts a change in prices is the curve’s elasticity
Elasticity= %change in quantity/%change in price
Price elasticity of demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.
ReplyDeleteElasticity is the responsiveness of the consumers or producers to the change in price. Consumers respond by changing the quantity demanded and producers respond by changing the quantity supplied. Two of them are- price elasticity of demand (PED) and cross price elasticity (XED).
ReplyDeleteElasticity, measure the responsiveness of supply or demand.
ReplyDeletePED is the sensitivity of quantity demanded to price and the PES is the responsiveness of quantity supplied to price.
ReplyDeleteThe formulas to find PED is %change in quantity demanded/%change in price and PES is %change in supply/%change in price.
PED is price elasticity demand. It is how consumers' demand responds to price change.
ReplyDeleteXED is cross elasticity demand. It is when the supply and demand curve intersect in a single point.
YED is income elasticity demand. It is how consumers' demands for certain products change as their income changes.
PED is (delta Q) / (delta P)
XED is delta Q (A) / delta P (B)
Elasticity is a measurement of how responsive an economic variables is to changing to another.
ReplyDeleteElasticity=% change in quantity/% change in price
Elasticity is the sensitive of the market and it is also the degree of how the consumers have an effect on the market which means price, demand, and supply.
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ReplyDeletePrice elasticity is the measure of the change in percentage price of a good and how it effects the percentage demand (for consumers) and supply (for producers). A good could be price elastic, inelastic or unitary elastic. Cross elasticity is when a change in price of a certain good effects the demand or supply for a related good (complementary / substitute). Income elasticity refers to the responsiveness of quantity demanded to a change in real income.
ReplyDeleteElasticity is measured by the percent change of quantity divided by the percent change in price. Cross elasticity is when a price change affects certain goods complementarily or by substitute.
ReplyDeleteElasticity is a number that shows how much influence the change in price has to the market.
ReplyDeletePrice elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price.
ReplyDeleteElasticity is the amount change in percentage of a good affecting the percentage change in demand and supply. Elasticity comes in 3 formats (Inelasticity, Elasticity, Uni Elasticity). PED is the Price Elasticity in Demand. XED is the Cross Elasticity in Demand, YED is the Income Elasticity in Demand, and PES is the Percent Elasticity in Supply.
ReplyDeleteElasticity is used to measure the change in the percentage of the price compared to the quantity or demand. PED is used for finding the percentage change of price, over the percentage change of demand. YED is the income of consumers percent change over the demand.
ReplyDeleteElasticities: It is a measure of a variable's sensitivity to a change in another variable
ReplyDeletePED: is the measure of the responsiveness of consumers to change in the price of a particular good.
XED:s the measure of the responsiveness of consumers to change in the price of a related good.
Price elasticity demand (PED) is how the consumers' demand responds to the change in price. To find this you must do deltaQ / deltaP. Cross elasticity demand (XED) is when the demand and supply respond to the change in price. (delta Q A / delta P B)
ReplyDeleteElasticity is defined by the flexibility of demand and supply according to whether the price, the income or the price of related goods.
ReplyDeleteSome goods can be elastic if the elasticity is superior to 1
Some goods can be non elastic if the elasticity is inferior to 1
Some goods can be unit elastic if the elasticity is equal to 1
YED, XED, PES, PED. Price Demand Elasticity = PED = (%Qd)(%P), determines how elastic or inelastic demand is to price and vice versa. YED = (%Qd)(%y), determines the relationship between demand and incomes of people. XED is the cross price determinants,
ReplyDeletePrice Elasticity shows the responsiveness of consumers for the price change of a certain good. It is shown by the equation for the percent change in quantity divided by the percent change in price. The elasticity can be inelastic(absolute value is less than 1),unit elastic(absolute value is equal to 1), and elastic(absolute value is more than 1). Cross elasticity is the responsiveness of other goods due to the change in price and demand of one good. The relations of the goods can be complementary(inversely related) or substitutive(directly related).
ReplyDeletePED- Price Elasticity of Demand: Percentage change in quantity demanded to a change in price
ReplyDeleteYED-Income elasticity of Demand:income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in the income of the people demanding the good.
PED = Price Elasticity Demand
ReplyDeleteXED = Cross Elasticity Demand
YED = Income Elasticity Demand
Elasticity is how a change in a variable affects the change in another variable