Economics - 4EC1 PearsonEdexcel

Elasticity

Muhtasari

Put a 10% tax on cigarettes and sales barely move, but put the same 10% tax on cinema tickets and audiences shrink sharply. Both are price rises of the same size, yet the reaction of buyers is completely different. Elasticity is the single number that captures exactly how sensitive, or how insensitive, demand or supply is to a change in price or income, and it is one of the most powerful tools in a business's or a government's toolkit.

In this lesson you will work through all three elasticity measures on the 4EC1 specification in full: price elasticity of demand, price elasticity of supply, and income elasticity of demand. For each you will learn the formula, how to calculate it from percentage changes, how to read its sign and size, what determines it, and why it matters to a business deciding whether to raise its prices or to a government deciding what to tax.

Malengo

  1. Definition of price elasticity of demand (PED)
  2. Formula of PED
  3. Calculate the PED using given percentage changes in quantity demanded and percentage changes in price
  4. The use of diagrams to show price elastic and price inelastic demand
  5. Interpret numerical values of PED that show perfect price inelasticity, price inelasticity, unitary price elasticity, price elasticity, perfect price elasticity
  6. The factors influencing PED, including substitutes, degree of necessity, percentage of income spent on goods or service, time
  7. Use of total revenue calculations to show the relationship between a change in price and the change in total revenue, to determine whether demand is price elastic or price inelastic
  8. Definition of price elasticity of supply (PES)
  9. Formula of PES
  10. Calculate the PES using given percentage changes in quantity supplied and percentage changes in price
  11. The use of diagrams to show price elastic and price inelastic supply
  12. Interpret numerical values of PES that show perfect price inelasticity, price inelasticity, unitary price elasticity, price elasticity, perfect price elasticity
  13. The factors influencing PES, including factors of production, availability of stocks, spare capacity, time
  14. Use examples to show the likely PES for manufactured and primary products
  15. Definition of income elasticity of demand
  16. Formula of income elasticity of demand
  17. Calculate the income elasticity of demand using given percentage changes in quantity demanded and percentage changes in income
  18. Interpret numerical values of income elasticity of demand that show luxury goods, normal goods, inferior goods
  19. The significance of price and income elasticities of demand to businesses and the government, in terms of the imposition of indirect taxes and subsidies, and changes in income

Ramani ya mawazo

Mada hii imechorwa ili uone jinsi mawazo yanavyounganika.

Fungua ramani ya mawazo kwenye programu

Kadi za kumbukumbu

Mazoezi ya haraka ya kumbukumbu kuhusu kinachopimwa katika mada hii.

Fanya mazoezi ya kadi hizi kwenye programu

Maelezo ya Somo

Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in the price of the good itself. It answers a precise question: if price changes by a given percentage, by what percentage does quantity demanded change in response?

Dokezo Kamili la Somo Linapatikana kwenye Programu ya Green Bridge

Pata programu ya Green Bridge CBT kwenye simu au kompyuta yako kwa maktaba kamili ya IGCSE: mitihani ya miaka iliyopita, miongozo ya usahihishaji, ramani za mawazo, kadi za marudio na masomo ya sauti.

Maelezo kamili ya masomo yenye michoro
Msaidizi wa kujifunza wa AI
Mitihani ya majaribio yenye muda, husahihishwa mara umalizapo
Pakua programu ya simu Pakua programu ya kompyuta
Inapatikana kwa Android, Windows, macOS, na Linux Programu ya iOS inakuja hivi karibuni

Tathmini ya Somo

Hongera kwa kukamilisha somo la Elasticity. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.

Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.

  1. The price of a good rises by 10% and quantity demanded falls by 25%. The PED is: A) -0.4 B) -2.5 C) +2.5 D) +0.4 Answer: B
  2. A PED value of exactly 0 describes: A) Perfectly price elastic demand B) Unitary price elasticity C) Perfectly price inelastic demand D) Perfectly price elastic supply Answer: C
  3. If demand is price inelastic, a rise in price will cause total revenue to: A) Increase B) Decrease C) Stay exactly the same D) Fall to zero Answer: A
  4. A good with a YED of -0.6 is best described as: A) A luxury good B) A normal, necessity good C) An inferior good D) A good with perfectly elastic supply Answer: C
  5. Agricultural products such as wheat tend to have a low PES mainly because: A) They have many close substitutes B) They are luxury goods C) Production is tied to a growing season and cannot be expanded quickly D) Consumers spend a small share of income on them Answer: C

Fanyia kazi maswali haya kwenye programu

Fanyia kazi maswali haya kwenye programu

Vitabu Vinavyopendekezwa

Pearson Edexcel International GCSE (9-1) Economics Student Book
Pearson Edexcel International GCSE (9-1) Economics Student Book
Manukuu: First edition
Mchapishaji: Pearson Education
Mwaka: 2017
ISBN: 978-0-435-18864-5
Maelezo: Endorsed student book covering the full 4EC1 specification with worked examples and data-response practice.

Jifunze zaidi kutoka vyanzo huria

Vimechapishwa na mashirika mengine chini ya leseni huria na vinatajwa kama wanavyoomba. Viungo hufungua tovuti zao.

Fanya Mazoezi ya Maswali ya Majaribio

Ungependa kufanya mazoezi ya maswali ya majaribio kuhusu Elasticity? Pakua programu ya Green Bridge CBT ili kupata maswali ya majaribio na tathmini kamili za mazoezi kuhusu mada hii.

Pakua Programu Kwenye Google Playstore

Kila kitu unachohitaji ili kufaulu katika JAMB, WAEC & NECO.

Green Bridge CBT Mobile App
Msaidizi wa Gumzo wa Kujifunza wa AI Uliobinafsishwa
Maswali ya mtihani zaidi ya 200,000 ya IGCSE, JAMB, WAEC na NECO
Zaidi ya Madaftari ya Masomo 1200
Msaada Nje ya Mtandao - Jifunze Wakati Wowote, Popote Pale
Ratiba ya Daraja la Kijani
Muhtasari wa Fasihi na Maswali Yanayoweza Kutokea
Fuata Utendaji na Maendeleo Yako
Maelezo ya Kina kwa Kujifunza kwa Kina