TAILIEUCHUNG - Lecture Principles of economics - Chapter 4: Elasticity

This chapter focuses on a single concept, elasticity, and its applications to both supply and demand. In this chapter, students should be able to: Define the price elasticity of demand and explain what determines whether demand is elastic or inelastic, calculate the price elasticity of demand using information from a demand curve, understand how changes in the price of a good affect total revenue and total expenditure depending on the price elasticity of demand for the good,. | Elasticity Chapter 4 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. The Basics Learning Objectives Define price elasticity of demand and explain what determines whether demand is elastic or inelastic Calculate the price elasticity of demand using information from the demand curve Understand how changes in the price of a good affect total revenue and total expenditure depending on the price elasticity of demand for the good Explain the cross-price elasticity of demand and income elasticity of demand Discuss the price elasticity of supply, explain what determines whether supply is elastic or inelastic, and calculate the price elasticity of supply using information from a supply curve Drug Enforcement and Local Theft Hypothesis Drug users steal to buy drugs Increasing drug enforcement will decrease theft Analysis Increased enforcement reduces supply of drugs Price of drugs increases Quantity demanded decreases Theft goes down ONLY IF total .

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• Principles of economics
• Lecture Principles of economics
• Market imperfections
• The international economy
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• Calculate consumer surplus
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
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