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ELASTICITY AND ITS APPLICATION 38 Price Elasticity of Supply Price elasticity of supply equals P Q S Q1 P1 Example: ELASTICITY AND ITS APPLICATION 39 The V ariety of Supply Curves [r]

ELASTISITAS HARGA PERMINTAANThe Price Elasticity of Demand Elastisitas harga permintaan adalah derajat kepekaan/respon jumlah permintaan akibat perubahan harga barang tersebut atau deng[r]

There appear to be many societal and policy influences that effect the probability that an individual adolescent will proceed from experimentation to dependent smoking, and whether **price** is one of these influences is an important question. Most previous studies of the effect of **price** on adolescent smoking, however, have measured smoking participation with a dichotomous variable indicating whether or not the adolescent smoked in the past 30 days. Such a measure is limited because experimenters are categorized with heavier smokers, along with those who may report having recently quit smoking. Each group might respond differently to factors, such as cigarette prices, that could influence their smoking behaviors. The inconsistencies among the adolescent **price** **elasticity** estimates in the literature may at least partly reflect differences in the smoking experience or measurement of smoking in the study samples. This paper specifically examines the relationship between experience with smoking and adolescent **price** sensitivity in a 1993 national cross-section of adolescents. Section 2 describes the datasets and statistical methods used. Section 3 summarizes our results, and Section 4 discusses our findings in the context of other studies and public policy.

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Struktur DCSC yang diamati Notasi Berikut adalah notasi-notasi yang digunakan selama penyusunan model : α1 = self-price elasticity pada retail channel α2 = self-price elasticity pad[r]

increase in the **price** level and money balances leads to a different level of real money balances. Assuming that M2 is chosen as the monetary target by the monetary authorities in Korea, our results imply that a 1% increase in the **price** level leads to a 2.02% increase in the demand for nominal M1. A possible explanation for this may be that, as the **price** level, increases the real cost of transactions experienced by economic agents also rises. This is different from the results reported for nominal balances in the United States. For instance, Arize and Darrat (1994) reported a **price** **elasticity** of less than one for the U.S. economy. Our results for Korea’s M2 suggest that to control inflation under 10%, the growth rate of M2 should be 29.8%, assuming the economy grows at 10% per year. 14 Finally, as Hafer and Kutan (1994) noted, if

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available to them). The apparently inelastic demand for pesticides implies that high taxes will be needed to achieve signi®cant reductions. If the **price** **elasticity** of the demand for pesticides is low, the main eect of any tax will be to internalise some of the external costs, but with little change in usage levels and hence little environmental improvement. Furthermore, while there will be an adverse eect on user income levels, any pollution victims will not bene®t unless revenues are recycled into expendi- ture on amelioration measures. There may also be critical levels of taxation below which no eect will be observed (Falconer, 1997). However, sub-critical taxes and levies will still be capable of raising government revenue, which could then be recycled into the agricultural sector through expenditure on research and extension (perhaps con- tributing to greater long-run ¯exibility pesticide usage) or environmental amelioration. An important issue is whether the **price** **elasticity** of demand for pesticides is really as low as indicated from the various studies across the EU, and if so, whether it could be increased. The following section questions this. Theoretical production± economics models commonly assume pro®t-maximisation and producer rationality, so care is needed when interpreting their results: policy implications dier with the relative degree of trust placed in these **elasticity** estimates. Demand may be inelastic due to factors other than the underlying technology of production such as lack of knowledge of alternative production practices, hindering **price**-induced adjustments. There may be lower responses to taxes than anticipated on the basis of pro®t max- imisation because of behavioural factors (Falconer, 1995). For example, farmers may derive utility from professional pride in clean, weed-free ®elds, with some reluctance consequently to reduce usage.

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assumption that the demand for B segment cars is **price** elastic). Will this strategy necessarily increase the overall, total revenues coming from sales in different seg- ments? Not necessarily, because there will be a cross-substitution effect. Some of the new customers who were thinking of buying an A segment Hyundai car before will switch over to a B segment car. Similarly, from the other end, some potential buyers of the C segment Hyundai car may also want to switch to a B seg- ment car. In other words, Hyundai will face a decline in the revenue from sales in the A and C segments. This is where information on the cross **price** **elasticity** is critical. The higher the **elasticity** of demand for A and C segment Hyundai cars with respect to the **price** of B segment Hyundai cars, the greater will be the decline in revenues from A and C segments, and the less likely will it be that a **price** cut- ting strategy of this kind will boost the company’s total revenues.

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For instance, in the wine market case, the retail channel stores can be divided into three types: drug stores, grocery stores and liquor stores. Drug store consumers buy wine products as an unplanned purchase, while initially shopping with the intent of buying other products. Bucklin and Lattin (1991), as cited in Cuellar & Brunamonti (2014), indicate that drug store consumers have a relatively high **price** **elasticity** of demand (great **price** sensitivity). In contrast, grocery store consumers buy wine products on impulse. Kahn and Schmittlein (1989) and Bucklin and Lattin (1991), as cited in Cuellar & Brunamonti (2014), show that grocery store consumers tend to be larger family with higher incomes, thus categorized as having low **price** sensitivity. Finally, liquor store consumers have specific shopping intent for wine. Thus, consumers also have the lowest **price** sensitivity. **Price** discrimination between the various retail channels is included in **price** discrimination based on consumers’ self -selection and shopping intent (Cuellar & Brunamonti, 2014).

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year at a **price** of $2 per pound. The **price** **elasticity** of demand for chicken is -1.5. If the **price** of chicken increases to $2.20 (a 10% increase). What is the difference between new family’s expenditures on chicken and the old one? The family’s consumption of chicken falls to 85 pounds a year (a 15%

The DR problem that we consider here is motivated by a need to reduce the energy supply to a set of con- sumers by a specified amount. This event is managed by a consumer ag- gregator, aiming at minimizing the global value paid by the consumers. To achieve this goal, the aggregator considers the individual consumers’ **price** **elasticity**, which relates demand reduction with **price** increase. Indi- vidual load reduction and **price** in- creases that minimize the consumers’ global cost are determined for each consumer.

Permintaan konsumen terhadap suatu barang tidak hanya tergantung pada harga barang tersebut. Tetapi juga pada preferensi konsumen, harga barang subsitusi dan komplementer Dan juga pendapatan. Para ahli ekonomi mencoba mengukur respon/reaksi permintaan terhadap harga yang berhubungan dengan barang tersebut, disebut dengan elastisitas silang (Cross **Price** **Elasticity** of demand). Perubahan harga suatu barang akan mengakibatkan pergeseran permintaan kepada produk lain, maka elastisitas silang (Exy) adalah merupakan persentase perubahan permintaan dari barang X dibagi dengan persentase perubahan harga dari barang Y. Apabila hubungan kedua barang tersebut (X dan Y) bersifat komplementer (pelengkap) terhadap barang lain itu, maka tanda elastisitas silangnya adalah negatif, misalnya kenaikan harga tinta akan mengakibatkan penurunan permintaan terhadap pena. Apabila barang lain tersebut bersifat substitusi (pengganti) maka tanda elastisitas silangnya adalah positif, misalnya kenaikan harga daging ayam akan mengakibatkan kenaikan jumlah permintaan terhadap daging sapi Dan sebaliknya.

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Abstract: **Elasticity** Analysis for Three Animal Protein Resources in Indonesia. This study aimed to analyze the behavior of household demand on three sources of animal protein (fish, beef, and chicken) were associated with different household characteristics and analyze the response of households in Indonesia to changes in **price** and income on the consumption of fish, beef, and chicken. Almost Ideal Demand System (AIDS) was adopted in this study, using data from the Indonesia Family Life Survey wave 4 (IFLS 4). Total number of the household analyzed in this study amounted to 839 households. The results showed that partially **price** of fish, beef prices, household expenditure, geographic region, and number of family members affect the share of expenditure fisheries products, chicken, and beef. The results implied that **Price** **elasticity** of demand for demand for fish, beef, and chicken were categorized as inelastic. While the income **elasticity** for beef and chicken were elastic, furthermore income **elasticity** for fish was inelastic.

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**Price** **Elasticity** of Demand. Classifying Demand as Elastic or Inelastic. **Elasticity** Is Independent of Units .Calculating Elasticity’s .The Mid- Point Formula .The End-Point Problem. Calculating **Elasticity** at a Point .**Elasticity** and Demand Curves .**Elasticity** Is Not the Same as Slope .**Elasticity** Changes along Straight-Line Curves .Interpreting Elasticity’s .Substitution and **Price** **Elasticity** of Demand. Geometric Tricks for Estimating **Price** **Elasticity** .Empirical Estimates of **Elasticity**. **Price** **Elasticity** of Demand and Total Revenue .Total Revenue along a Demand Curve .**Elasticity** of Individual and Market Demand. Empirically Measuring of **Elasticity**. Other **Elasticity** of Demand .Income **Elasticity** of Demand .Cross-**Price** **Elasticity** of Demand. A Review of the Alternative **Elasticity** Terms .Graphing Income and Cross-**Price** Elasticity’s of Demand .**Price** **Elasticity** of Supply .Classifying Supply as Elastic or Inelastic .Substitution and Supply .Empirical Estimates of **Elasticity** .The Power of Supply and Demand Analysis .**Elasticity** and Shifting Supply and Demand.

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that marginal revenues equal marginal cost, it is not necessary to calculate both to set optimal prices. Just using information on marginal costs and the point **price** **elasticity** of demand, the calculation of proft-maximiaing prices is quick and easy.

CHA © 2007 Prentice Hall Business Publishing Principles of Economics 8e by Case and Fair 2 of 29 Chapter Outline 5 Elasticity Price Elasticity of Demand Slope and Elasticity Ty[r]

**Price** **Elasticity** of Demand. Classifying Demand as Elastic or Inelastic. **Elasticity** Is Independent of Units .Calculating Elasticity’s .The Mid- Point Formula .The End-Point Problem. Calculating **Elasticity** at a Point .**Elasticity** and Demand Curves .**Elasticity** Is Not the Same as Slope .**Elasticity** Changes along Straight-Line Curves .Interpreting Elasticity’s .Substitution and **Price** **Elasticity** of Demand. Geometric Tricks for Estimating **Price** **Elasticity** .Empirical Estimates of **Elasticity**. **Price** **Elasticity** of Demand and Total Revenue .Total Revenue along a Demand Curve .**Elasticity** of Individual and Market Demand. Empirically Measuring of **Elasticity**. Other **Elasticity** of Demand .Income **Elasticity** of Demand .Cross-**Price** **Elasticity** of Demand. A Review of the Alternative **Elasticity** Terms .Graphing Income and Cross-**Price** Elasticity’s of Demand .**Price** **Elasticity** of Supply .Classifying Supply as Elastic or Inelastic .Substitution and Supply .Empirical Estimates of **Elasticity** .The Power of Supply and Demand Analysis .**Elasticity** and Shifting Supply and Demand.

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Shopbots are Internet-based services that provide “one-click” access to **price** and product information from numerous competing retailers. In so doing, they reduce buyer search costs for product and **price** information by at least 30-fold compared to telephone-based shopping and even more compared to physically visiting the retailers (Brynjolfsson and Smith [2000a]). Shopbots collect and display information on a variety of product characteristics, list summary information for both well- and lesser-known retailers, and typically rank the retailers based on a characteristic of interest to the shopper such as **price** or shipping time. The resulting comparison tables reveal a great deal of variation across retailers in relative **price** levels, delivery times, and product availability.

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h e supply shock: Figure 4 represents the consequences of a 1% increase in inl ation (i.e. the negative supply shock acts as an increase in the **price** of raw materials or energy that increases the real marginal cost of production). h is shock has a direct impact on inl ation that rises and overshoots its tar- geted value. As a consequence monetary authorities should react according to the Taylor principle by raising the interest rate. Since the increase in the nom- inal interest rate is higher than the rate of inl ation, the real rate rises. h is, in turn, negatively af ects output that decreases under its natural value. However, as time passes, the increase in the interest rate dampens inl ation. Finally, the output gap goes back to its steady state value whilst the inl ation rate reaches its targeted value. As previously for the demand shock, the time path of vari- ables is af ected by the parameter values of the Taylor rule. A higher concern for output gap (as represented with ‘inl ation target’ IRF) leads to weaker re- sponses of real variables and stronger responses of nominal variables. Inversely a higher concern for inl ation leads to stronger responses of real variables and weaker responses of inl ation and nominal interest rate.

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The estimated local own revenue **elasticity** show that most taxes and user charges, which are the main sources of local own revenue, are considered not a buoyant tax. More analysis using a decomposition of tax **elasticity** shows that tax to base **elasticity** is weak, suggesting that local governments need to improve discreationary tax changes at local level, such as local base changes, collection changes, and enforcement changes. The analysis also shows that some local tax bases are not responsive to the economic growth, which leads to the recommendation to improve local business environment, such as streamlining local regulations and reducing harmfull local taxes and user charges.

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