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# 经济代写|微观经济学代考Microeconomics代写|Price Elasticity

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## 经济代写|微观经济学代考Microeconomics代写|Price Elasticity

The most commonly used elasticity concept is price elasticity of demand and supply. Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price:
$$E_D=\frac{\text { Percentage change in quantity demanded }}{\text { Percentage change in price }}$$
Price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price:
$$E_S=\frac{\text { Percentage change in quantity supplied }}{\text { Percentage change in price }}$$

Let’s consider some numerical examples. Say the price of a good rises by 10 percent and, in response, quantity demanded falls by 20 percent. The price elasticity of demand is 2 ( -20 percent/ 10 percent). Notice that I said 2 , not -2 . Because quantity demanded is inversely related to price, the calculation for the price elasticity of demand comes out negative. Despite this fact, economists talk about price elasticity of demand as a positive number. (Those of you who remember some math can think of elasticity as an absolute value of a number, rather than a simple number.) Using this convention makes it easier to remember that a larger number for price elasticity of demand means quantity demanded is more responsive to price.

To make sure you have the idea down, let’s consider two more examples. Say that when price falls by 5 percent, quantity supplied falls by 2 percent. In this case, the price elasticity of supply is 0.4 (2 percent/5 percent). And, finally, say the price goes up by 10 percent and in response the quantity demanded falls by 15 percent. Price elasticity of demand is 1.5 (15 percent/ 10 percent).

## 经济代写|微观经济学代考Microeconomics代写|What Information Price Elasticity Provides

Price elasticity of demand and supply tells us exactly how quantity responds to a change in price. A price elasticity of demand of 0.3 tells us that a 10 percent rise in price will lead to a 3 percent decline in quantity demanded. If the elasticity of demand were a larger number, say 5 , the same 10 percent rise in price will lead to a 50 percent decline in quantity demanded. As elasticity increases, quantity responds more to price changes.
Classifying Demand and Supply as Elastic or Inelastic
It is helpful to classify elasticities by relative responsiveness. Economists usually describe supply and demand by the terms elastic and inelastic. Formally, demand or supply is elastic if the percentage change in quantity is greater than the percentage change in price $(E>1)$. Conversely, demand or supply is inelastic if the percentage change in quantity is less than the percentage change in price $(E<1)$. In the last two examples, an elasticity of demand of 0.3 means demand is inelastic $\left(E_D<1\right)$, and an elasticity of demand of 5 means demand is elastic $\left(E_D>1\right)$.

The commonsense interpretation of these terms is the following: An inelastic supply means that the quantity supplied doesn’t change much with a change in price. For example, say the price of land rises. The amount of land supplied won’t change much, so the supply of land is inelastic. An elastic supply means that quantity supplied changes by a larger percentage than the percentage change in price. For example, say the price of pencils doubles. What do you think will happen to the quantity of pencils supplied? I suspect it will more than double, which means that the supply of pencils is elastic.

The same terminology holds with demand. Consider a good such as Hulu, which has a close substitute, Netflix. If Hulu’s price rises, the quantity demanded will fall a lot as people shift to the substitute (Netflix). So the demand for Hulu would be highly elastic. Alternatively, consider table salt, which has no close substitute, at least at current prices. Demand for table salt is highly inelastic. That is, a rise in the price of table salt does not result in a large decline in quantity demanded.

# 微观经济学代写

## 经济代写|微观经济学代考Microeconomics代写|Price Elasticity

$$E_D=\frac{\text { Percentage change in quantity demanded }}{\text { Percentage change in price }}$$

$$E_S=\frac{\text { Percentage change in quantity supplied }}{\text { Percentage change in price }}$$

## 经济代写|微观经济学代考Microeconomics代写|What Information Price Elasticity Provides

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。