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Fifth Edition Economics A Contemporary Introduction William A. McEachern Elasticity of

Fifth Edition Economics A Contemporary Introduction William A. McEachern Elasticity of Demand and Supply. Exhibit 1a: Demand Curves of Different Elasticities (Less Elastic). Exhibit 1b: Demand Curves of Different Elasticities (More Elastic).

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Fifth Edition Economics A Contemporary Introduction William A. McEachern Elasticity of

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  1. Fifth EditionEconomics A Contemporary Introduction William A. McEachern Elasticity of Demand and Supply

  2. Exhibit 1a: Demand Curves of Different Elasticities (Less Elastic) Elasticity of Demand and Supply

  3. Exhibit 1b: Demand Curves of Different Elasticities (More Elastic) Elasticity of Demand and Supply

  4. Exhibit 2a: Demand, Price Elasticity, and Total Revenue (Demand and Price Elasticity) Elasticity of Demand and Supply

  5. Exhibit 2b: Demand, Price Elasticity, and Total Revenue (Total Revenue) Elasticity of Demand and Supply

  6. Exhibit 3: Three Constant-Elasticity Demand Curves Elasticity of Demand and Supply

  7. Exhibit 5: Demand Becomes More Elastic over Time Elasticity of Demand and Supply

  8. Exhibit 6: Selected Price Elasticities of Demand Product Short Run Long Run Cigarettes (among adults) — –0.4 Electricity (residential) –0.1 –1.9 Air travel –0.1 –2.4 Medical care and hospitalization –0.3 –0.9 Gasoline –0.4 –1.5 Milk –0.4 — Fish (cod) –0.5 — Wine –0.7 –1.2 Movies –0.9 –3.7 Natural gas (residential) –1.4 –2.1 Automobiles –1.9 –2.2 Chevrolets — –4.0 Elasticity of Demand and Supply

  9. Exhibit 7: Price Elasticity of Supply Elasticity of Demand and Supply

  10. Exhibit 8: Three Constant-Elasticity Demand Curves Elasticity of Demand and Supply

  11. Exhibit 9: Market Supply Becomes More Elastic over Time Elasticity of Demand and Supply

  12. Exhibit 10: Selected Income Elasticities of Demand Income IncomeProduct Elasticity Product Elasticity Private education 2.46 Physicians’ services 0.75 Automobiles 2.45 Coca-Cola 0.68 Wine 2.45 Beef 0.62 Owner-occupied housing 1.49 Food 0.51 Furniture 1.48 Coffee 0.51 Dental service 1.42 Cigarettes 0.50 Restaurant meals 1.40 Gasoline and oil 0.48 Shoes 1.10 Rental housing 0.43 Chicken 1.06 Beer 0.27 Spirits (“hard” liquor) 1.02 Pork 0.18 Clothing 0.92 Flour –0.36 Elasticity of Demand and Supply

  13. Exhibit 11: The Demand for Grain Elasticity of Demand and Supply

  14. Exhibit 12: The Effect of Increases in Supply and Demand on Farm Revenue Elasticity of Demand and Supply

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