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Understanding Elasticity of Supply: Video #3

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Understanding Elasticity of Supply: Video #3

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Price elasticity of supply refers to the responsiveness of producers to fluctuations in the price of their goods or services. When graphing a supply demand curve, the vertical axis represents price, while the horizontal axis represents the quantity supply. A common law of supply states that when the price increases from the initial price (P1) to the second price (P2), the quantity increases from the initial quantity (Q1) to the second quantity (Q2).

Price Elasticity of Supply Formula:

E s = %∆ in Quantity Supplied / %∆ in Price

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Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video.

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The Effects of Elasticity in Parking Prices: Website #3

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The Effects of Elasticity in Parking Prices: Website #3

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http://canadianparking.ca/the-value-of-parking/

Price elasticity is a predominant factor that correlates with parking price fluctuations. For example, as the pricing of parking increases, the number of occupants may decrease a limited amount, as they would look for cheaper, or even free, parking. In this article, it describes the necessity for paid parking, and how it affects more than just the occupants. Depending on the purpose of the driver, or the location of the parking, the elasticity can vary. Generally, the pricing of parking is not only used for retail business purposes, but for traffic regulating.

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What Determines the Stability of a Stock?: Website #1

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What Determines the Stability of a Stock?: Website #1

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http://www.investopedia.com/ask/answers/051415/how-does-price-elasticity-affect-my-stock-purchase-decisions.asp

The stock market is a large industry that faces an amplitude of price changes every day. Consumers are frequently checking for fluctuations caused by the ever-changing economy. Price elasticity of demand determines the reliability of a potential stock. Investors will look into this factor, as the higher the PED, the smaller the increase in price; this typically results in the larger decrease in demand. On the other hand, stocks with low elasticity of demand usually have little to no change when the price shifts. Ultimately, the lower the elasticity, the more secure a stock will be.

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Price Elasticity of Supply of Tobacco: Website #2

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Price Elasticity of Supply of Tobacco: Website #2

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http://economicsdicussion.blogspot.ca/2012/11/price-elasticity-tobacco-lau-wei-liam.html

Tobacco is one of the most widely used addictive substances in the world, deeming it an inelastic demand to the consumer market. According to this article, approximately 1 billion men and 250 million women use tobacco daily around the world. Although the consuming rate of this product labels it as an inelastic demand, the price elasticity of supply of tobacco is considered more elastic. The responsiveness of tobacco producers is more sensitive to price fluctuations, meaning more tobacco products will be supplied even when the price of it increases.

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Overview of Elastic Supply and Demand: Video #1

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Overview of Elastic Supply and Demand: Video #1

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According to the law of demand, price elasticity is the foundation of consumer and producer decision-making. It can be divided into demand and supply, both of which are fundamental parts to either a consumer or producer’s response to price fluctuations. Interestingly enough, higher prices on a demand curve are equivalent to higher elasticity, and lower prices are equivalent to higher inelasticity. On the other hand, a supply curve shows that the lower the cost of inputs, the higher the supply elasticity.

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Price elasticity of supply and demand, determinants of price elasticity; Krugman ch. 6

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Understanding Elasticity of Demand: Video #2

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Understanding Elasticity of Demand: Video #2

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This video explains the theory behind price elasticity of demand. PED measures how sensitive quantity demanded is to a change in price. When graphing price elasticity of demand, as the price increases from the initial price (P1) to the second price (P2), the quantity demanded decreases from the initial quantity (Q1) to the second quantity (Q2). This is an inverse relation.

Price Elasticity of Demand Formula:

E d = %∆ in Quantity Demand / %∆ in Price

This video also shows how producers deal with their revenue. A total revenue test can be conducted using the price elasticity. This determines the effects of total revenue when there is a change in price and if the demand curve is inelastic or elastic.

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Graphs Illustrating Supply Elasticity: Picture #3

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Graphs Illustrating Supply Elasticity: Picture #3

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When the supply is elastic, it indicates the supply is sensitive to changes in prices, and will change proportionally to it. When the supply is inelastic, any change in the price results in little to no corresponding changes in its supply.

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This picture illustrates elasticity. Consumers among society change their demand for products in response to price or income changes. Cola is not essential, so if the price increases, a consumer may be inclined to reject purchasing it.

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This depiction shows inelasticity. The dire need for fuel will not alter the consumers choice, and this product will still be purchased even if the price of the good changes.

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Price elasticity is a key factor in many modern day consumers' lives, yet they may not know what it actually means. This bulletin will thoroughly illustrate what it means to have elasticity and how it may apply to your life!

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by Kenny Rajkumar