40708885 Microeconomics Hubbard O Brien Ch06

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Chapter # Elasticity: The Responsiveness of Demand and Supply Prepared by: Fernando & Yvonn Quijano © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patric ! Brien, 2e. Do People Care about the Prices of Books? 'earnin( )!*ectives 6.1 Define the price elasticity of demand and understand how to measure it. 6.2 Understand the determinants of the price elasticity of demand. 6. Understand the relationship !etween the price elasticity of demand and total revenue. 6..
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  © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patric ! Brien, 2e. Fernando & Yvonn QuijanoPrepared by: Chapter # Elasticity: The Responsiveness of Demand and Supply  2 o$ 2% © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patric ! Brien, 2e. Do People Care about the Prices of Books?  6.1Define the price elasticity of demand and understand how to measure it.6.2Understand the determinants of the price elasticity of demand. 6.Understand the relationship !etween the price elasticity of demand and total revenue.6.. Define the cross#price elasticity of demand and the income elasticity of demand$ and understand their determinants and how they are measured.6.%Use price elasticity and income elasticity to analy&e economic issues.6.6Define the price elasticity of supply  and understand its main determinants and how it is measured. 'earnin( )!*ectives &n 200#, '.(. consumers s)ent almost *+ billion to buy -.2 billion co)ies o$ ne )rinted boos.  Chapte - o$ 0 © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patric ! Brien, 2e. Elasticity: The Responsiveness of Demand and upply  Elasticity  A measure o$ ho much one economic /ariable res)onds to changes in another economic /ariable.  Chapte  o$ 0 © 2008 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patric ! Brien, 2e. +rice elasticity of demand  he res)onsi/eness o$ the 1uantity demanded to a change in )rice, measured by di/iding the )ercentage change in the 1uantity demanded o$ a )roduct by the )ercentage change in the )roduct s )rice. The Price Elasticity of Demand and !ts easurement  'earnin(  !becti/e 6.1 Measuring the Price Elasticity of Demand 
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