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# MANAGERIAL ECONOMICS IN A GLOBAL

ECONOMY

Chapter 3
Demand Theory
LAW OF DEMAND
There is an inverse relationship between the
price of a good and the quantity of the good
demanded per time period.

Substitution Effect
Income Effect
Individual Consumers Demand
QdX = f(PX, I, PY, T)
QdX = quantity demanded of commodity X
by an individual per time period
PX = price per unit of commodity X
I = consumers income
PY = price of related (substitute or
complementary) commodity
T = tastes of the consumer
QdX = f(PX, I, PY, T)

QdX/PX < 0
QdX/I > 0 if a good is normal
QdX/I < 0 if a good is inferior
QdX/PY > 0 if X and Y are substitutes
QdX/PY < 0 if X and Y are complements
MARKET DEMAND CURVE
Horizontal summation of demand curves of
individual consumers

Bandwagon Effect
Snob Effect
HORIZONTAL SUMMATION: FROM
INDIVIDUAL TO MARKET DEMAND
Market Demand Function
QDX = f(PX, N, I, PY, T)
QDX = quantity demanded of commodity X
PX = price per unit of commodity X
N = number of consumers on the market
I = consumer income
PY = price of related (substitute or
complementary) commodity
T = consumer tastes
DEMAND FACED BY A FIRM
Market Structure
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
Type of Good
Durable Goods
Nondurable Goods
Producers Goods - Derived Demand
LINEAR DEMAND FUNCTION

## QX = a0 + a1PX + a2N + a3I + a4PY + a5T

PX Intercept:
a0 + a2N + a3I + a4PY + a5T

Slope:
QX/PX = a1

QX
PRICE ELASTICITY OF DEMAND

Q / Q Q P
Point Definition EP
P / P P Q

P
Linear Function EP a1
Q
PRICE ELASTICITY OF DEMAND

Q2 Q1 P2 P1
Arc Definition EP
P2 P1 Q2 Q1
MARGINAL REVENUE AND PRICE
ELASTICITY OF DEMAND

1
MR P 1
EP
MARGINAL REVENUE AND PRICE
ELASTICITY OF DEMAND

PX
EP 1
EP 1

EP 1

QX
MRX
MARGINAL REVENUE, TOTAL REVENUE,
AND PRICE ELASTICITY

TR MR>0 MR<0
EP 1 EP 1

QX
EP 1 MR=0
DETERMINANTS OF PRICE ELASTICITY OF
DEMAND

## Demand for a commodity will be more elastic if:

It has many close substitutes

It is narrowly defined

## More time is available to adjust to a price change

DETERMINANTS OF PRICE ELASTICITY OF
DEMAND

## Demand for a commodity will be less elastic if:

It has few substitutes

## Less time is available to adjust to a price change

INCOME ELASTICITY OF DEMAND

Q / Q Q I
Point Definition EI
I / I I Q

I
Linear Function EI a3
Q
INCOME ELASTICITY OF DEMAND

Q2 Q1 I 2 I1
Arc Definition EI
I 2 I1 Q2 Q1

## Normal Good Inferior Good

EI 0 EI 0
CROSS-PRICE ELASTICITY OF DEMAND

QX / QX QX PY
Point Definition E XY
PY / PY PY QX

PY
Linear Function E XY a4
QX
CROSS-PRICE ELASTICITY OF DEMAND

QX 2 QX 1 PY 2 PY 1
Arc Definition E XY
PY 2 PY 1 QX 2 QX 1

Substitutes Complements
EXY 0 EXY 0
McDonald Inc yang memproduksi hamburger (Qx) menyewa konsultan
untuk melakukan survei pasar untuk memperkirakan permintaan yang
dihadapi. Dari survei pasar tersebut diketahui estimasi fungsi permintaan
sebagai berikut:
Qx = 12000 5000Px + 5I + 1000Py
Dimana Px = harga hamburger McDonald
I = Pendapatan perkapita
Py= Harga hamburger KFC
Saat ini Px = 5, I = 10000 dan Py = 6
Dengan menggunakan informasi tersebut, saudara diminta membenatu
manager pemasaran McDonald untuk
a. Tentukan besarnya elastisitas harga barang x (px), elastisitas
pendapatan (I) dan elastisitas silang (Py)
c. Dengan menggunakan pendekatan elastisiatas, jika pada tahun depan
pendapatan perkapita diperkirakan naik sebesar 5% dan harga barang