Economics (9-1) - 0987 CIE

Price Elasticity Of Demand (PED)

Muhtasari

If a shop raises its price by 10 per cent, does it sell a little less or a lot less? The answer decides whether the price rise makes the firm more money or less. Price elasticity of demand turns that question into a number you can calculate and act on.

In this lesson you will calculate PED from the formula, read its value (from perfectly inelastic to perfectly elastic), draw the matching demand curves, and link elasticity to the revenue a firm earns. By the end you will be able to advise a firm whether raising or cutting price will boost its takings.

Malengo

  1. calculation of PED using the formula
  2. interpretation of the significance of the PED value: perfectly inelastic, inelastic, unitary, elastic, perfectly elastic
  3. drawing and interpretation of demand curve diagrams to show different PED
  4. main influences on whether demand is elastic or inelastic
  5. effect of price changes on the amount spent by consumers and revenue raised by firms, shown both in a diagram and as a calculation
  6. relationship between PED and the amount spent by consumers and revenue raised by firms
  7. implications of PED for decision-making by consumers, workers, producers/firms and government

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Maelezo ya Somo

Every pricing decision rides on elasticity. A firm selling something with few substitutes (a vital medicine) can raise price and still keep most of its customers; a firm in a crowded market loses them fast. Governments use the same idea when they tax cigarettes (inelastic, so revenue rises) rather than luxuries. PED is the tool that tells you how responsive buyers really are, and it is tested with both calculations and diagrams.

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Tathmini ya Somo

Hongera kwa kukamilisha somo la Price Elasticity Of Demand (PED). 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. Price elasticity of demand is calculated as: A. % change in price / % change in quantity demanded B. % change in quantity demanded / % change in price C. change in price x change in quantity D. quantity demanded / price Answer: B
  2. A PED value of 0.3 (ignoring the sign) means demand is: A. elastic B. unitary C. inelastic D. perfectly elastic Answer: C
  3. A firm with elastic demand wishing to raise its revenue should: A. raise the price B. lower the price C. keep price unchanged D. stop producing Answer: B
  4. Price rises 10% and quantity demanded falls 5%. The PED is: A. -2 B. -0.5 C. -5 D. -0.05 Answer: B
  5. A perfectly inelastic demand curve is drawn as: A. horizontal B. flat and downward sloping C. vertical D. upward sloping Answer: C

Fanyia kazi maswali haya kwenye programu

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Vitabu Vinavyopendekezwa

Cambridge IGCSE and O Level Economics Coursebook
Cambridge IGCSE and O Level Economics Coursebook
Manukuu: Second edition
Mchapishaji: Cambridge University Press
Mwaka: 2018
ISBN: 978-1-108-44038-7
Maelezo: Endorsed coursebook with full coverage of the 0455/0987 syllabus, diagrams and exam-style questions.
Complete Economics for Cambridge IGCSE and O Level
Complete Economics for Cambridge IGCSE and O Level
Manukuu: Third edition
Mchapishaji: Oxford University Press
Mwaka: 2018
ISBN: 978-0-19-840982-3
Maelezo: Endorsed textbook covering the Core and Supplement content with case studies and questions.

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