EC 252 (WI22): Chapter 5 by Erica Orians https://padlet.com/ericaorians/6kecg65a0oj8e7de Chapter 5 en-us 2022-02-01 15:51:40 UTC 2022-02-15 02:29:06 UTC hello@padlet.com Chapter 5: Elasticity ericaorians https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635171 2022-02-01 15:51:40 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635171 Instructions: View instructions on the section padlet. ericaorians https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635172 2022-02-01 15:51:40 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635172 Team: Students will do one chapter per section. View your assigned padlet at this link. ericaorians https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635174 2022-02-01 15:51:40 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2023635174 Total Revenue - Elastic vs Inelastic rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2037993452 2022-02-09 14:22:34 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2037993452 Price Elasticity of Demand rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2038051771 I made this table to organize the information in a way I can remember.]]> 2022-02-09 14:45:19 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2038051771 rachelbroekstra https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039175448 Here is a helpful table that organizes all the different types of elasticities.]]> 2022-02-10 00:59:57 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039175448 rachelbroekstra https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039260946 This chapter is all about Elasticity. A key formula to know is:

price elasticity = quantity / price]]> 2022-02-10 01:59:31 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039260946 rachelbroekstra https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039265765 2022-02-10 02:03:02 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2039265765 Midpoint Formula rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2040608048 Difference divided by average times 100.
Remember the percent change in quantity is on the top of all the elasticity ratios.]]> 2022-02-10 16:11:44 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2040608048 Price Elasticity in Pandemic rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041136233 Although this is a couple years old, it shows that demand for clothing is more price elastic than demand for gasoline. It is also interesting to see the difference between Canada and the US.]]> 2022-02-10 20:28:27 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041136233 Income Elasticity of Demand rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041159740 The income elasticity of demand measures how responsive your demand for a good is to changes in your income.
= percent change in quantity demanded /
          percent change in income
* Do not use absolute value because IED is
    + Positive for normal goods
    - Negative for inferior goods]]> 2022-02-10 20:44:30 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041159740 Elasticity of Demand ericaorians https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041332000 Marginal Revolution University is a great series on YouTube.]]> 2022-02-10 23:16:36 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041332000 Tooth Fairy (4 minutes... worth it) ericaorians https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041341555 2022-02-10 23:27:53 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2041341555 Elasticity rebeccawisniewski1 https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2043746244 Quantities demanded and supplied respond to changing market conditions. Elasticity measures how much they respond.
Price Elasticity of Demand - How much quantity demanded responds to price changes.
Businesses Use Demand Elasticity - It impacts total revenue and informs business strategy.
Income Elasticity - How much quantity demanded responds to changes in income. Cross-Price Elasticity - How much quantity demanded responds to changes in prices of other goods.
Price Elasticity of Supply - How much quantity supplied responds to price changes.
]]> 2022-02-12 14:30:32 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2043746244 Understanding Elasticity tyceelzinga https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2044869428 2022-02-13 19:18:59 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2044869428 Elasticity in the Job Market Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2044924996 As we saw in our textbooks, the job market can be thought of in terms of elasticity. I believe that current 'Great Resignation" illustrates that fact. Employees are selling their time for a price: wages, benefits, etc. Since the pandemic, however, many workers have reevaluated the price of their time and left their jobs, resulting in more demand for workers but at a new, higher price. These changing dynamics demonstrate the price elasticity of supply and demand for workers]]> 2022-02-13 20:21:42 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2044924996 Cross-Price Elasticity of Demand Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045036374 Cross-price elasticity is a measure of how responsive the demand of one good is to the price changes of another. The following formula offers the cross-price elasticity of demand: 

% change in quantity demanded / % change in price of another good   

The cross-price elasticity is positive for substitute goods, negative for complements, and near zero for independent goods]]> 2022-02-13 23:00:33 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045036374 Understanding Income Elasticity of Demand Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045052966 2022-02-13 23:28:16 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045052966 Price Elasticity of Supply Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045067716 The price elasticity of supply measures how responsive sellers are to price changes. Specifically, it measures by what percent the quantity supplied will increase following a 1% price change. The larger this percent change in quantity supplied, the more responsive sellers are to price changes. 

% change in quantity supplied / % change in price ]]> 2022-02-13 23:54:00 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045067716 Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045068365 2022-02-13 23:55:11 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2045068365 Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046897109 2022-02-14 18:12:38 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046897109 Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046901097 2022-02-14 18:14:27 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046901097 Gavin_Savercool https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046902712 2022-02-14 18:15:11 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2046902712 kayleighoverley https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2047574033 2022-02-15 02:08:14 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2047574033 Elasticity of Demand kayleighoverley https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2047585060 2022-02-15 02:16:59 UTC https://padlet.com/ericaorians/6kecg65a0oj8e7de/wish/2047585060