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4. Defining Price Elasticity of Demand Measuring the Price Elasticity of Demand Interpretations of Price Elasticity of Demand Determinants of Price Elasticity of Demand Price Elasticity of Demand Elasticity and its Implications > Price Elasticity of Demand Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics?campaign_content=book_5770_section_46&campaign_term=Economics&utm_campaign=powerpoint&utm_medi um=direct&utm_source=boundless

5. The PED is the percentage change in quantity demanded in response to a one percent change in price. The PED coefficient is usually negative, although economists often ignore the sign. Demand for a good is relatively inelastic if the PED coefficient is less than one (in absolute value). Demand for a good is relatively elastic if the PED coefficient is greater than one (in absolute value). Demand for a good is unit elastic when the PED coefficient is equal to one. Defining Price Elasticity of Demand Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/elasticity-and-its- implications-6/price-elasticity-of-demand-46/defining-price-elasticity-of-demand-180- 12299?campaign_content=book_5770_section_46&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless Perfectly Inelastic Demand View on Boundless.com Elasticity and its Implications > Price Elasticity of Demand

6. PED captures the change in quantity demanded in response to a change in the good's own price (as opposed to the price of some other good). The formula for price elasticity yields a value that is negative, pure, and ranges from zero to negative infinity. The result provided by the formula will be accurate only if the changes in price and quantity demanded are small. Measuring the Price Elasticity of Demand Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/elasticity-and-its- implications-6/price-elasticity-of-demand-46/measuring-the-price-elasticity-of-demand-181- 12300?campaign_content=book_5770_section_46&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless Sale View on Boundless.com Elasticity and its Implications > Price Elasticity of Demand

7. Elastic PED can be interpreted as consumers being very sensitive to changes in price. Inelastic PED can be interpreted as consumes being insensitive to changes in price. Firms use PED to figure out how to change their prices in order to increase revenue. PED varies along a straight demand curve. Interpretations of Price Elasticity of Demand Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/elasticity-and-its- implications-6/price-elasticity-of-demand-46/interpretations-of-price-elasticity-of-demand-182- 12301?campaign_content=book_5770_section_46&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless Perfectly Elastic Demand View on Boundless.com Elasticity and its Implications > Price Elasticity of Demand

8. A good with more close substitutes will likely have a higher elasticity. The higher the percentage of a consumer's income used to pay for the product, the higher the elasticity tends to be. For non-durable goods, the longer a price change holds, the higher the elasticity is likely to be. The more necessary a good is, the lower the price elasticity of demand. Determinants of Price Elasticity of Demand Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/alternative-to-economics-3rd-paul-krugman-robin-wells-1464128731-9781464128738/elasticity-and-its- implications-6/price-elasticity-of-demand-46/determinants-of-price-elasticity-of-demand-183- 12302?campaign_content=book_5770_section_46&campaign_term=Economics&utm_campaign=powerpoint&utm_medium=direct&utm_source=b oundless View on Boundless.com Elasticity and its Implications > Price Elasticity of Demand

9. Free to share, print, make copies and changes. Get yours at www.boundless.com Appendix

10. Key terms Cross-price elasticity of demand Measures the responsiveness of the demand for a good to a change in the price of another good. elastic Demand for a good is elastic when a change in price has a relatively large effect on the quantity of the good demanded. inelastic Demand for a good is inelastic when a change in price has a relatively small effect on the quantity of the good demanded. Own-price elasticity of demand Responsiveness of quantity demanded to a change in the good's own price Price elasticity of demand The percent change in quantity demanded due to a 1% change in price. Substitute Good A good that fulfills a consumer need in a way that is similar to another good. Unit Elastic Demand for a good is unit elastic when the percentage change in quantity demanded is equal to the percentage change in price. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications

11. Perfectly Inelastic Demand When demand is perfectly inelastic, quantity demanded for a good does not change in response to a change in price. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Elasticity-inelastic." CC BY-SA http://en.wikipedia.org/wiki/File:Elasticity-inelastic.png View on Boundless.comCC BY-SAhttp://en.wikipedia.org/wiki/File:Elasticity-inelastic.pngView on Boundless.com Elasticity and its Implications

12. Sale There is an inverse relationship between price and quantity demanded, so the elasticity coefficient is almost always negative. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "Sales Bags | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/27128437@N07/3020096760/in/photolist-5ASMxN-5BrTSw-5E7dTn-5EbzMh- 5Pfi7a-5PFcqc-5PFq78-6cxSGw-6ddUxL-6oStve-6LJVUR-6RVfAw-6XRpXF-7kaW1f-7oCuDp-7oGnrU-7oGnuU-7rWenq-7xis9i-7xnfM9-8iNk5n-acsLbZ-7Jo3sW- fvaPZd-fuVxqr-fvaMyJ-fvaNKb-d7DCPA-deyp7c-bmvQBe-bzJwEh-7VHaQQ-7VHaA3-7VDVpc-bHs7wv-cbmyXo-cbmxDC-9x9gsB-9sWTnL-9yfPm2-9yfPqg-9yfPar- 9yfNZD-9yfPvX-9yfP6Z-a4Qf7J-7MiynS-7YEEJt-cpF5YC-deyo47-dQgt2e View on Boundless.comCC BYhttp://www.flickr.com/photos/27128437@N07/3020096760/in/photolist-5ASMxN-5BrTSw-5E7dTn-5EbzMh- 5Pfi7a-5PFcqc-5PFq78-6cxSGw-6ddUxL-6oStve-6LJVUR-6RVfAw-6XRpXF-7kaW1f-7oCuDp-7oGnrU-7oGnuU-7rWenq-7xis9i-7xnfM9-8iNk5n-acsLbZ-7Jo3sW- fvaPZd-fuVxqr-fvaMyJ-fvaNKb-d7DCPA-deyp7c-bmvQBe-bzJwEh-7VHaQQ-7VHaA3-7VDVpc-bHs7wv-cbmyXo-cbmxDC-9x9gsB-9sWTnL-9yfPm2-9yfPqg-9yfPar- 9yfNZD-9yfPvX-9yfP6Z-a4Qf7J-7MiynS-7YEEJt-cpF5YC-deyo47-dQgt2eView on Boundless.com Elasticity and its Implications

13. Perfectly Inelastic Demand Perfectly inelastic demand is graphed as a vertical line. The PED value is the same at every point of the demand curve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Elasticity-inelastic." CC BY-SA http://en.wikipedia.org/wiki/File:Elasticity-inelastic.png View on Boundless.comCC BY-SAhttp://en.wikipedia.org/wiki/File:Elasticity-inelastic.pngView on Boundless.com Elasticity and its Implications

14. Perfectly Elastic Demand Perfectly elastic demand is represented graphically by a horizontal line. In this case the PED value is the same at every point of the demand curve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Elasticity-elastic." CC BY-SA http://en.wikipedia.org/wiki/File:Elasticity-elastic.png View on Boundless.comCC BY-SAhttp://en.wikipedia.org/wiki/File:Elasticity-elastic.pngView on Boundless.com Elasticity and its Implications

15. Perfectly Elastic Demand When the demand for a good is perfectly elastic, any increase in the price will cause the demand to drop to zero. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Elasticity-elastic." CC BY-SA http://en.wikipedia.org/wiki/File:Elasticity-elastic.png View on Boundless.comCC BY-SAhttp://en.wikipedia.org/wiki/File:Elasticity-elastic.pngView on Boundless.com Elasticity and its Implications

16. Elasticity and the Demand Curve The price elasticity of demand for a good has different values at different points on the demand curve. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Elasticity and the Demand Curve." CC BY-SA https://commons.wikimedia.org/wiki/File:Elasticity_and_the_Demand_Curve.jpg View on Boundless.comCC BY-SAhttps://commons.wikimedia.org/wiki/File:Elasticity_and_the_Demand_Curve.jpgView on Boundless.com Elasticity and its Implications

17. Price Elasticity of Demand and Revenue PED is based off of percent changes, so the starting nominal values of price and quantity are significant. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikimedia. "Price elasticity of demand and revenue." CC BY http://commons.wikimedia.org/wiki/File:Price_elasticity_of_demand_and_revenue.svg View on Boundless.comCC BYhttp://commons.wikimedia.org/wiki/File:Price_elasticity_of_demand_and_revenue.svgView on Boundless.com Elasticity and its Implications

18. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications The price elasticity of demand measures the responsiveness of _____________. A) the quantity demanded of a good to a change in a consumer's income B) the quantity demanded of a good to a change in its price C) the price of a good to a change in the quantity demanded D) the price of a good to a change in a consumer's income

19. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications The price elasticity of demand measures the responsiveness of _____________. A) the quantity demanded of a good to a change in a consumer's income B) the quantity demanded of a good to a change in its price C) the price of a good to a change in the quantity demanded D) the price of a good to a change in a consumer's income

20. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications If the price elasticity of demand for a good is relatively elastic, then ___________. A) a change in the price causes a large change in quantity demanded B) a change in the price causes a small change in quantity demanded C) a change in the price causes no change in quantity demanded D) a change in quantity demanded causes a large change in the price

21. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications If the price elasticity of demand for a good is relatively elastic, then ___________. A) a change in the price causes a large change in quantity demanded B) a change in the price causes a small change in quantity demanded C) a change in the price causes no change in quantity demanded D) a change in quantity demanded causes a large change in the price

22. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications If the price elasticity of demand for a product is 2.5 and its price has increased by 3%, we can conclude that the quantity demanded: A) Increased by 7.5% B) Decreased by 3% C) Decreased by 7.5% D) Increased by 2.5%

23. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Saylor OER. "Economics « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Economics/CC BY 3.0http://www.saylor.org/majors/Economics/ Elasticity and its Implications If the price elasticity of demand for a product is 2.5 and its price has increased by 3%, we can conclude that the quantity demanded: A) Increased by 7.5% B) Decreased by 3% C) Decreased by 7.5% D) Increased by 2.5%

24. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications Assume a pizza costs $10. When the price increases to $12, demand falls 10%. What is the own-price elasticity of demand? Note: in economics, elasticity is generally reported as a positive number even when it is negative. A) 0.5 B) 2 C) 5 D) 0.2

25. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications Assume a pizza costs $10. When the price increases to $12, demand falls 10%. What is the own-price elasticity of demand? Note: in economics, elasticity is generally reported as a positive number even when it is negative. A) 0.5 B) 2 C) 5 D) 0.2

26. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications When does the own-price method of calculating elasticity give accurate results? A) When changes in price and quantity are large. B) When the formula for the demand function is known and when elasticity is relatively high C) When the formula for the demand function is known and when elasticity is relatively low D) When changes in price and quantity are small.

27. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications When does the own-price method of calculating elasticity give accurate results? A) When changes in price and quantity are large. B) When the formula for the demand function is known and when elasticity is relatively high C) When the formula for the demand function is known and when elasticity is relatively low D) When changes in price and quantity are small.

28. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications Imagine a straight demand curve. At very low prices (and high quantity demanded), the PED is likely ______. A) Relatively inelastic B) Relatively elastic C) Unit elastic D) Perfectly elastic

29. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications Imagine a straight demand curve. At very low prices (and high quantity demanded), the PED is likely ______. A) Relatively inelastic B) Relatively elastic C) Unit elastic D) Perfectly elastic

30. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications Electricity is a good with few or no close substitutes. What would you expect about the price elasticity of demand for electricity? A) Relatively elastic B) Perfectly elastic C) Relatively inelastic D) Perfectly inelastic

31. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications Electricity is a good with few or no close substitutes. What would you expect about the price elasticity of demand for electricity? A) Relatively elastic B) Perfectly elastic C) Relatively inelastic D) Perfectly inelastic

32. Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications In the short term, would you expect a non-durable good's price elasticity of demand to be higher or lower than it is in the long term? A) Lower, because consumers are more likely to switch to other substitutes over the long term B) Higher, because there may be psychological impediments to reacting to a change in the short term C) Lower, because non-durable goods are more necessary in the long- term than they are in the short-term D) Higher, because non-durable goods are more necessary in the short- term than in the long-term

33. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Elasticity and its Implications In the short term, would you expect a non-durable good's price elasticity of demand to be higher or lower than it is in the long term? A) Lower, because consumers are more likely to switch to other substitutes over the long term B) Higher, because there may be psychological impediments to reacting to a change in the short term C) Lower, because non-durable goods are more necessary in the long- term than they are in the short-term D) Higher, because non-durable goods are more necessary in the short- term than in the long-term

34. Attribution Wikibooks. "Economics for Business Decisions/Theory of Demand and Supply." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Economics_for_Business_Decisions/Theory_of_Demand_and_Supply#Price_elasticityCC BY-SA 3.0 http://en.wikibooks.org/wiki/Economics_for_Business_Decisions/Theory_of_Demand_and_Supply#Price_elasticity Wikibooks. "IB Economics/Microeconomics/Elasticities." CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities#Price_Elasticity_of_Demand_.28PED.29CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities#Price_Elasticity_of_Demand_.28PED.29 Wikibooks. "A-level Economics/AQA/Markets and Market failure." CC BY-SA 3.0 http://en.wikibooks.org/wiki/A- level_Economics/AQA/Markets_and_Market_failure#Types_of_Price_Elasticity_of_DemandCC BY-SA 3.0http://en.wikibooks.org/wiki/A- level_Economics/AQA/Markets_and_Market_failure#Types_of_Price_Elasticity_of_Demand Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Wikispaces. "13ecoHGHS - allocative efficiency 90630 (3.2)." CC BY-SA http://13ecohghs.wikispaces.com/allocative+efficiency+90630+(3.2)CC BY-SA http://13ecohghs.wikispaces.com/allocative+efficiency+90630+(3.2) Wikipedia. "Unit Elastic." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Unit%20ElasticCC BY-SA 3.0http://en.wikipedia.org/wiki/Unit%20Elastic Wiktionary. "elastic." CC BY-SA 3.0 http://en.wiktionary.org/wiki/elasticCC BY-SA 3.0http://en.wiktionary.org/wiki/elastic Wikipedia. "inelastic." CC BY-SA 3.0 http://en.wikipedia.org/wiki/inelasticCC BY-SA 3.0http://en.wikipedia.org/wiki/inelastic Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Wikispaces. "MBAecon - elasticity of demand." CC BY-SA http://mbaecon.wikispaces.com/elasticity+of+demandCC BY-SAhttp://mbaecon.wikispaces.com/elasticity+of+demand Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Wikipedia. "Cross-price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cross- price%20elasticity%20of%20demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Cross- price%20elasticity%20of%20demand Wikipedia. "Own-price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Own- price%20elasticity%20of%20demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Own- price%20elasticity%20of%20demand Wikibooks. "IB Economics/Microeconomics/Elasticities." CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/ElasticitiesCC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities Wikibooks. "IB Economics/Microeconomics/Elasticities." CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/ElasticitiesCC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities Wikibooks. "IB Economics/Microeconomics/Elasticities." CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/ElasticitiesCC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications

35. Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/price-elasticity-of-demand- 9c279af4-8145-4e9f-bdea-0b8cf58c192aCC BY-SA 3.0http://www.boundless.com//economics/definition/price-elasticity-of-demand- 9c279af4-8145-4e9f-bdea-0b8cf58c192a Wikispaces. CC BY-SA http://ib-economics-daa.wikispaces.com/file/view/elastisity_new.ppt?CC BY-SAhttp://ib-economics-daa.wikispaces.com/file/view/elastisity_new.ppt? Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Wikibooks. "IB Economics/Microeconomics/Elasticities." CC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/ElasticitiesCC BY-SA 3.0 http://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities Wikipedia. "Price elasticity of demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Price_elasticity_of_demandCC BY-SA 3.0http://en.wikipedia.org/wiki/Price_elasticity_of_demand Wikispaces. "13ecoHGHS - allocative efficiency 90630 (3.2)." CC BY-SA http://13ecohghs.wikispaces.com/allocative+efficiency+90630+(3.2)CC BY-SA http://13ecohghs.wikispaces.com/allocative+efficiency+90630+(3.2) Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/substitute-goodCC BY-SA 3.0http://www.boundless.com//economics/definition/substitute-good Free to share, print, make copies and changes. Get yours at www.boundless.com Elasticity and its Implications