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## Macroeconomics Week 4 notes

by: Garrett Anderson

33

3

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# Macroeconomics Week 4 notes econ 22061-002

Marketplace > Kent State University > Economcs > econ 22061-002 > Macroeconomics Week 4 notes
Garrett Anderson
KSU
GPA 3.951
Macroeconomics
Dr. Rohlin

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These notes cover Chapter 5, elasticity. Chapter 5 will be on the first exam.
COURSE
Macroeconomics
PROF.
Dr. Rohlin
TYPE
Class Notes
PAGES
0
WORDS
CONCEPTS
Macroeconomics
KARMA
Free

## Popular in Economcs

This 0 page Class Notes was uploaded by Garrett Anderson on Saturday February 13, 2016. The Class Notes belongs to econ 22061-002 at Kent State University taught by Dr. Rohlin in Winter 2016. Since its upload, it has received 33 views. For similar materials see Macroeconomics in Economcs at Kent State University.

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Date Created: 02/13/16
Ch 5 Elasticitv measure of resp0nsiveness of GUMtV S or D to a change in its determinants rice change Q change P Always going to be negative P17 p210 Q1 250 Q2 100 E change Q change P Midpoint formula X2X1 X2X12 100 Q 100250 250100 2 100 150 175 100 8571 P 107 107 2 100 3 85 100 3529 Q P 8571 3529 243 E gt 1 Elastic Elastic E gt 1 Very at more horizontal Large change in quantity but not in price Want to have such as clothes Perfectly elastic is perfect at horizontal Unit Elastic unitary E 1 Inelastic E lt 1 Very steep more vertical Small change in quantity but large change in price Need to have such as medicine insulin Perfectly inelastic is perfect vertical Elastic Determinants Inelastic Many of close substitutes fewnone Narrow Broad Narrowly defined Broad Long term Time Horizon fuel Short term Es change Qs change P Elasticity of supply How easy can firms change quantity When price changes Income elasticity of demand E i change Q d change income i Checking to see if gt or lt 0 I 1 9000 I 2 10000 Q1 100 Q2 160 160100130 100 90005000 7000 100 4615 5714 81 normal good E i gt 0 a normal good E i lt 0 inferior good E i 0 buys the same amount of a good Crossprice elasticity change Good 1 change Price 2 E xy Coke amp Pepsi substitutes E xy Coke quantity increase Pepsi price increase gt 0 E xy gt 0 substitute E xy lt 0 compliment Coke amp Gin E xy Gin quantity decrease Coke prices increase lt 0 compliment

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