Coefficients of Elasticity of Demand |
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In this topic video we cover the relevance of the coefficients of three different elasticities of demand (PED, YED and XED). Coefficients of Elasticity of DemandCoefficients: Coefficient means value Elasticity is a number!Coefficient could be high – elasticOr it might be low – inelasticOr zero – perfectly inelasticOr infinity – perfectly elasticPrice elasticity of demand Formula: Ped = % change in quantity demanded of good X / % change in price of good X PED will normally be negative – i.e. inverse relationship between quantity demanded and a change in the price IMPORTANT! New specs require students to include the minus or plus signs along with the coefficient If PED = 0, demand is perfectly price inelasticIf PED 1, demand is price elasticIf PED = infinity, demand is perfectly price elasticIf PED = 1, demand is unitary elasticIncome elasticity of demand Income elasticity of demand (YED) measures the responsiveness of quantity demanded for a product to a change in income Formula: YED = % change in quantity demanded / % change in income For normal necessity products: YED is positive but coefficient < +1For normal luxury products: YED is positive but coefficient > +1For inferior products: YED is negative (YED |
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