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ECO 302 (5)
Lecture

ECO 302 Notes 9-16-13.docx

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Department
Economics
Course
ECO 302
Professor
Nicole Nelson
Semester
Fall

Description
Elasticity of Demand Gasoline (in gallons) Wheat (bushels) P0 P 0 ∆P ∆P P 1 P 1 Q Dp p Q 0 Q 1 Q 0 Q 1 ∆Q g ∆Q w ∆P g∆P w ∆Q g∆Q w Elasticity is a measure of the responsiveness of quantity demanded to a change in price. Maybe we can use the slope to obtain a numerical measure of elasticity: ∆Q/∆P • Problem with the slope  Unit of Measurement Problem o Correction: Use Percen
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