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Elasticity

PRICE ELASTICITY OF DEMAND

Price elasticity of demand Elastisitas Permintaan Atas


Harga
The ratio of the percentage of change in quantity demanded to
the percentage of change in price; measures the
responsiveness of quantity demanded to changes in price.
% change in quantity demanded %Q d
price elasticity of demand
% change in price %P

Mengukur berapa persen perubahan pada permintaan


terhadap barang/jasa akibat perubahan harga barang/jasa
tersebut sebesar 1 persen
Mengukur sensitivitas pembeli atas perubahan harga yang
terjadi
Karena kurva permintaan downward sloping, maka nilai
dari price elasticity of demand selalu negatif
PRICE ELASTICITY OF DEMAND

When a good has few close substitutes readily available:


a. Quantity demanded is not nearly as responsive to a change in price.
b. Price tends to remain the same, regardless of quantity demanded.
c. Proportional changes in quantity demanded tend to be greater than
proportional changes in price.
d. Elasticity cannot be measured.
When the percentage change in quantity demanded
is greater than the percentage change in price:
a. The value of demand elasticity is greater than one.
b. The demand curve is relatively steep.
c. There are few substitutes for the good in question.
d. There is little responsiveness in quantity demanded
to changes in price.
e. All of the above.
Factors Affecting Elasticity

Availability of Substitutes

Perhaps the most obvious factor affecting


demand elasticity is the availability of
substitutes.
The Importance of Being Unimportant

When an item represents a relatively small


part of our total budget, we tend to pay little
attention to its price.

The Time Dimension

The elasticity of demand in the short run


may be very different from the elasticity of
demand in the long run. In the longer run,
demand is likely to become more elastic, or
responsive, simply because households
make adjustments over time and producers
develop substitute goods.
OTHER IMPORTANT ELASTICITIES

elasticity of supply A measure of the response of quantity of a good


supplied to a change in price of that good. Likely to be positive in
output markets.

%changeinquantitysupplied
elasticityofsupply
%changeinprice

income elasticity of demand A measure of the responsiveness of


demand to changes in income.

% change in quantity demanded


income elasticity of demand
% change in income

Elastisitas (E) Keterangan


E < 0 Barang Pendapatan naik, permintaan turun
Inferior
E = 0 Barang Netral Pendapatan naik, permintaan tidak
berubah
OTHER IMPORTANT ELASTICITIES

cross-price elasticity of demand A measure of the response of the


quantity of one good demanded to a change in the price of another
good.

% change in quantity of Y demanded


cross - price elasticity of demand
% change in price of X

Elastisitas (E) Keterangan


E<0 Komplementer Harga barang 2 naik, permintaan barang
1 turun
E=0 Tidak Harga barang 2 naik, permintaan barang
berhubungan 1 tidak berubah
E>0 Substitusi Harga barang 2 naik, permintaan barang
1 naik
ELASTICITY AND TOTAL REVENUE

In any market, P x Q is total revenue Effects of price increase on


(TR) received by producers: a product with inelastic demand:

TR = P x Q P x QD TR
total revenue = price x quantity
Effects of price increase on
a product with elastic demand:
When price (P) declines, quantity
demanded (QD) increases. The two
factors, P and QD move in opposite
P x QD TR
directions: effect of price cut on a product
Effects of price changes P QD with elastic demand:
on quantity demanded: and
P x QD TR
P QD
effect of price cut on a product
Because total revenue is the product with inelastic demand:
of P and Q, whether TR rises or falls
in response to a price increase
P x QD TR
depends on which is bigger: the
percentage increase in price or the
TOTAL REVENUE TEST

ice Elasticity of Demand and Total Revenue


% %Q Elasticity of demand As the result of the
P d P, TR will:
A +5 -2%
%
B +5 -5%
%
C +5 -8%
%
D -4% +6%
Using Changes in TR to identify elasticity
E -4% +3%
P Qd TR
F -4% +4%
Old Value $15 10 million $150
million
New Value $17 6 million $102
How did TR change when P increased?
million
This indicate that demand over this price range is
TOTAL REVENUE TEST

ice Elasticity of Demand and Total Revenue


% %Q Elasticity of demand As the result of the
P d P, TR will:
A +5 -2% Inelastic Rise
%
B +5 -5% Unitary elastic Not change
%
C +5 -8% Elastic Fall
%
D -4% +6% Elastic Rise
Using Changes in TR to identify elasticity
E -4% +3% Inelastic Fall
P Qd TR
F -4% +4% Unitary elastic Not Change
Old Value $15 10 million $150
million
New Value $17 6 million $102
How did TR change when P increased?
million
TR decreased when P increased over this price range
This indicate that demand over this price range is elastic