Class Notes (834,265)
Canada (508,451)
Economics (611)
ECON 1050 (117)
Lecture

Price Elasticity, Price Controls, Taxes, Public Goods

3 Pages
89 Views
Unlock Document

Department
Economics
Course
ECON 1050
Professor
Bryce Mc Bride
Semester
Fall

Description
Lectures October 1 November 5October 1 2013256 PMBuyers will offer sellers more money to get what they wantElasticity of demand responsiveness to changesDifferent kindsPrice elasticity1How does the quantity demanded respond to changes in priceCalculated as PEDpercent change in quantity demandedpercent change in pricenew quantity demanded old quantity demandedold quantity demandednew price old priceold priceIf PED1 inelastic if PED1 elasticFirms want to set the price where the PED1An inelastic PED has a steep demand curveAn elastic PED has a shallow demand curvePricing and taxation decision depend on PEDYED1 normal goodYED1 inferior goodThese are important to firms facing growth or recessionsCross pricing Seen in complement goodsCPED1 goods are complementsCPED1 substitutesImportant for firms planning promotions and mergersPES change in quant
More Less

Related notes for ECON 1050

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit