PPT-Demand: Elastic and Inelastic

What couldnt you live without Price Elasticity Price Quantity You will pay anything to drinkWhich is why Governments control water suppliesPrice inelastic Price Elasticity Price Quantity. QUESTION: CAN A BUSINESS ALWAYS INCREASE REVENUES BY INCREASING PRICES?. MOST PEOPLE WOULD SAY. “YES”. BUT, REMEMBER THE “DEMAND CURVE”. BUYERS WILL RESPOND – BUY LESS WHEN PRICE UP; BUY MORE WHEN PRICE DOWN. Date, Section, Pages, etc.. Mr. Richter. Agenda. Today:. Warm Up. Review HW from 7.1. Practice Problems for 7.2. Intro to Collisions (7.3). Tomorrow . Conservation of Momentum Lab. Thursday: . Review HW from 7.2. Elasticity and its Application. Measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. What is Elasticity?. Measure of how much quantity demanded responds to a change in price. Price Elasticity of Demand (PED). Income Elasticity of Demand (YED). Cross-Price Elasticity of Demand . Price Elasticity of Supply. Elasticities. Possible test questions:. What factors determine the price and income . Chapter 5. Outline. The Elasticity of Demand. Applications of Demand Elasticity. The Elasticity of Supply. Applications of Supply Elasticity. Using . Elasticities. for Quick . Predictions . Appendix . Reilly Eason and Thomas D. Sewell. Department of Chemistry. University of Missouri-Columbia. Funded by Defense Threat Reduction Agency. Background. Jerry Dick observed an initiation anisotropy in PETN. 1. Chapter 6. Elasticity. 2. Concepts in this chapter:. Price elasticity of demand. Cross price elasticity of . demand. Income elasticity of demand. Price elasticity of supply. Elasticity measures sensitivity. Bell Ringer. A . 40 kg . miniature horse runs west at . 8m/s. . What is the force . of impact if it hits a wall and . comes to a stop . in . 0.5s. ?. Objectives. We will . demonstrate . and apply the laws of . Elasticity of Demand describes the percentage change in . quantity demanded. that follows a price . change.. Elasticity of Demand. Demand is . Elastic. Demand is . Inelastic. . Change in Price. Large Change in . Introduction. Under relatively strong earthquakes, structures. undergo inelastic deformation due to current. seismic design philosophy.. Therefore, structures should have sufficient. Corina. . Bot. , PhD (NJIT, C. 2. PRISM). Keri . Salvador (NJIT, C. 2. PRISM). Caroline . Savio. (ESHS, NPS). Career Day. May 11. th. , . 2010. Outline of Presentation. About Collision Course Applet. Fundamentals of. Consumer Choice. Fundamentals of Consumer Choice. Factors affecting choice. :. Limited income necessitates choice.. Consumers make choices purposefully.. One good can be substituted for another.. Chapter 4 Section 1. What is Demand??. http://learn360.infobase.com/p_ViewVideo.aspx?xtid=71683&tScript=. 0. . Economic System. In a market system, the interaction of buyers and sellers determine the prices of most goods as well as what quantity of a good will be produced.. Elasticity Chapter 6 THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman | Robin Wells What is the definition of elasticity? What is the meaning and importance of: price elasticity of demand? income elasticity of demand?