ff an effective ceiling price is placed on hamburgers then: a) the quantity demanded will exceed the quantity supplied. b) a black market for hamburger may ...
Department of Eeonomies, Management and Humanities Czeeh Teehnical University in Prague
ECONOMICS S!-C\)Eg LECTURE No.3
DEMAND AND SUPPLY: ELASTICITIES Handout
Ooe. Ing. Helena Fialová, CSc. Ing. Jan Jandera
Prague
2000/200 ]
Lecture 3 DEMAND and SUPPLY: ELASTICITIES PRlCE ELASTICITY OF DEMAND Price elasticity of demand measures the sensitivity of consumers to changes in the price of a p.-oduct. Price elasticity of demand is the ratio of the percentage change in quantity demanded to the percentage change in price. (Fig.3.1) The price elasticity formula (coefficient Ed) percentage change in Qdat product X Ed = -------------------------------------------------
percentage change in P at product X
change in Qdat praduct X % change in Qd= ------------------------------------Oliginal Qdat product X
change in P at product X % change in P = -------------------------------------ariginal P at product X
By using percentages we can campare price elasticity at demand at ditterent praducts.
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