PPT-How responsive is cigarette demand to price and income (expenditure ) changes in

Uganda Grieve Chelwa Emerging Research Programme C A P E T O W N 22 26 June 2015 Introduction amp motivation Ugandas smoking prevalence relatively high for SSA 17 male vs 14 for SSA. and Cross Elasticity. http://www.bized.co.uk/educators/16-19/economics/markets/presentation/elasticity.ppt. . Elasticity – the concept. The responsiveness of one variable to changes in another. When price rises, what happens . Shane Murphy. s.murphy5@lancaster.ac.uk. Office Hours: Monday 3:00-4:00 – LUMS C86. Outline. Substitute Lecturer Next Week. Roll Call. Class Rep. Problems. Discussion. Class Rep. Exercise. Consider the following demand function: Q. Elasticity Introduction. Elasticity. Price Elasticity. Elasticity. Principles. Arc elasticity. Mid-point method. Intermediate. Point elasticity. Elasticity. What we add in ECON 5340. Elasticity: Proportionate Change in Q for a Proportionate change in P. 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 . (INSECT). AKA Determinants of Demand. Demand shifters, or determinants, are any factors that if changed, will cause the demand curve to shift out / right / up or in / left / down. Shifters will cause people to demand MORE or LESS of the good AT ANY PRICE.. 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 . . Demand, and Welfare Analysis. Price Sensitivity of Demand. Elasticity of demand. Percentage change in demand. F. rom a given percentage change in price. 2. Price-Elasticity Demand Curves. Elastic demand, |. . AGEC 340: International Economic Development. Course . slides for week 3 (Jan. 26 & 28. ). Consumption . Patterns*. * If you’re following the textbook, this material is in Chapter 3.. Week 3.. Write down whatever you can remember about the last time we discussed Economics. . Dec. 2. Who or what decides what you get?. Warm up: December 2, 2014. What are the 3 types of economic systems? How does each determine the answers for the 3 economic questions?. Quantity Demand. #1 . The Income Effect:. . indicates that a . lower. . price. increases the . “. purchasing. . power. ”. of a buyer’s money income (also known as . real. . income. .). If . 1) You and a partner will design a t-shirt that you think will sell amongst your peers. You will have about 7 minutes to design your product. 2) Once you have your design, collect your data. Go around the class and present your t-shirt. Ask what price they would be willing to pay for your shirt.. V.S. . Karpe. Dept. of Economics. Sarvajanik. Arts & Commerce College, . Visarwadi. , Tal. . Navapur. , Dist. . Nandurbar. (MH). Examples. As a result of fall in the price of radio from Rs. 500 to Rs. 400, quantity demanded increases from 100 radios to 150 radios.. How would you respond?. If the price of Nikes dropped by 25%, how likely would you be to buy more Nikes?. If the price of a Starbucks lattes increased by 25%, how likely would you be to buy fewer lattes?. ANH2022 – Learning Labs. Chen Zhen . University of Georgia . Theory of Consumer Economics. . First principle: when price goes up, demand comes down. . If you plot price on the vertical axis against demand on the horizontal axis, you get what we...