TAILIEUCHUNG - Lecture Issues in economics today - Chapter 3

After studying this chapter, you will know: Understand basics of the constitution and principles of federalism; explain importance of certain clauses: supremacy clause, commerce clause, first amendment, due process clauses; discuss important constitutional issues: determining constitutionality, federal preemption, guarantees and limitations. | Chapter 3 The Concept of Elasticity and Consumer and Producer Surplus Chapter Outline ELASTICITY OF DEMAND ALTERNATIVE WAYS OF UNDERSTANDING ELASTICITY MORE ON ELASTICITY CONSUMER AND PRODUCER SURPLUS Elasticity Elasticity: the responsiveness of quantity to a change in another variable Price Elasticity of Demand: the responsiveness of quantity demanded to a change in price Price Elasticity of Supply: the responsiveness of quantity supplied to a change in price Income Elasticity of Demand: the responsiveness of quantity demanded to a change in income Cross Price Elasticity of Demand: the responsiveness of quantity demanded of one good to a change in the price of another good The Mathematical Representation of Elasticity Elasticity = %ΔQ %ΔP = ΔQ ΔP Q P Because the demand curve is downward sloping and the supply curve is upward sloping the elasticity of demand is negative and the elasticity of supply is positive. Often these signs are implicit and ignored. Elasticity Labels Elastic : .

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