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AU - PR 2020 - Class Notes - Week 7

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AU - PR 2020 - Class Notes - Week 7

School: Auburn University
Department: Public Relations
Course: Principles of Economics: Microeconomics
Professor: William Finck
Term: Fall 2016
Tags: Econ, economic, Economics, micro, Microeconomic, and Microeconomics
Name: ECON 2020 Exam 2 Lecture 5 Week 6
Description: These notes cover the rest of elasticity
Uploaded: 09/19/2016
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background image ECON 2020 Exam 2 Lecture 5    D1:  1.  Steep 
2.  Inelastic 
3.  Little ΔQd 
4.  Little E
d   D2:  1.  Flat 
2.  Elastic 
3.  Big ΔQd 
4.  Big E
d   Determinants of Price Elasticity of Demand  1.  Number of substitutes – number of substitutes and elasticity move  together. 
background image 2.  Time in Which to Make the Purchase – time and elasticity move  together.  3.  Proportion of Income – proportion and elasticity move together. 
4.  Luxuries vs. Necessities – need and elasticity move opposite. 
Total Revenue and Price Elasticity    Total revenue  – money earned from selling goods and services; NOT  the same as profit, which includes costs;  TR = P * Q     o  If price goes down, the quantity goes up, what happens to total  revenue? That depends on elasticity    As P falls, Q rises, so what happens to TR? 
  It depends on elasticity 

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School: Auburn University
Department: Public Relations
Course: Principles of Economics: Microeconomics
Professor: William Finck
Term: Fall 2016
Tags: Econ, economic, Economics, micro, Microeconomic, and Microeconomics
Name: ECON 2020 Exam 2 Lecture 5 Week 6
Description: These notes cover the rest of elasticity
Uploaded: 09/19/2016
5 Pages 10 Views 8 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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