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Table of contents
The Price System
Price Rationing
Slide 3
Slide 4
Alternative Rationing Mechanisms
Slide 6
Slide 7
Slide 8
Slide 9
Prices and the Allocation of Resources
Supply and Demand Analysis: An Oil Import Fee
Elasticity
Price Elasticity of Demand
Characteristics of Demand Elasticity
Shape of Demand According to Elasticity
Extreme Elasticities
Hypothetical Demand Elasticities for Four Products
Calculating Percentage Changes
Computing the Value of Elasticity
Interpreting the Value of Elasticity
Elasticity Changes along a Straight-Line Demand Curve
Slide 22
Elasticity and Total Revenue
Determinants of Demand Elasticity
Other Important Elasticities
Slide 26
Slide 27
Slide 28