COMM 317 Lecture Notes - Lecture 2: Arc Elasticity, Consumer Spending, Demand Curve
20 Oct 2015
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Comm 172, sections 001 and 003 review before mid-term exam (fall 2015) Exam coverage: the first 9 chapters of the textbook, with exceptions listed below. Competitors, weather, input costs ) causes a shift in one of the curves. Sections 2. 4 and 2. 5: price elasticity of demand, income elasticity, cross elasticity, three ways of calculating elasticity (slide no. 15 from class of september 17): when you have data on percentage changes, use the basic definition of elasticity (slide no. Sections 4. 1 and 4. 2 (individual demand) skip. Section 4. 3: market demand curve is a horizontal sum of individual demand curves, the relationship between price elasticity and consumer expenditures summarized in table. Recall the graphs drawn in class; consumer expenditures = total revenue of sellers (similar to curve r(q) in fig. Important concept, used repeatedly throughout the textbook: detailed elaboration and applications are in chapter 9. 17 and 18 from class of september 17.
