TAILIEUCHUNG - Lecture Understanding economics (2nd edition): Chapter 3 - Mark Lovewell, Khoa Nguyen

Chapter 3 - Competitive dynamics and government, after this chapter, you will be able to: Describe price elasticity of demand, its relation to other demand elasticities, and its impact on sellers' revenues; define price elasticity of supply and identify the links between production periods and supply; identify how price elasticities of demand and supply determine the impact of an excise tax on consumers and producers. | Understanding Economics 2nd edition by Mark Lovewell and Khoa Nguyen Chapter 3 Competitive Dynamics and Government Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Elastic and Inelastic Demand (a) Price elasticity of demand shows how responsive consumers are to price changes elastic demand means % change in quantity demanded is more than % change in price inelastic demand means % change in quantity demanded is less than % change in price unit-elastic demand means % change in quantity demand equals % change in price Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Elastic and Inelastic Demand (b) Figure Page 56 Elastic Demand Curve for Ice Cream Cones 0 500 1000 20% 50% 20% 10% Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. D1 D2 Quantity Demanded (cones) Price ($ per cone) Inelastic Demand Curve for Ice cream Cones 0 500 1000 Quantity Demanded (cones)

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