Elasticity and Its Application
Über den Vortrag
Der Vortrag „Elasticity and Its Application“ von James DeNicco ist Bestandteil des Kurses „Principles of Microeconomics (EN)“. Der Vortrag ist dabei in folgende Kapitel unterteilt:
- A Closer Look at Elasticity
- Determinants of Demand Elasticity
- Computing Price Elasticity of Demand
- Variety of Demand Curves
- The Impact of Elasticity on Revenue
- The Income and Cross-Price Elasticity of Demand
- The Price Elasticity of Supply
- Recap
Quiz zum Vortrag
Which of the following statements is true?
- Luxuries tend to be more elastic than necessities.
- Broader markets tend to be less elastic.
- Goods with close substitutes tend to be less elastic.
- Goods tend to be less elastic over longer time horizons.
If the quantity demanded of a good falls by 20% when the prices rises by 10%, then the price elasticity of demand is _______________ and the demand curve is considered _______________.
- 2; elastic
- 2; inelastic
- ½; inelastic
- ½; elastic
Which of the following conclusions is correct?
- When demand is elastic, price and total revenue move in the opposite directions.
- When demand is inelastic, price and total revenue move in the opposite directions.
- When demand is elastic, price and total revenue move in the same direction.
- When demand is unit elastic, price and total revenue move in the opposite directions.
Suppose that an increase in the price of milk from $2.85 to $3.15 a gallon decrease the quantity purchased of Oreo cookies from 10,000 to 9,500. Using the midpoint method, the cross price elasticity is _______________ and these goods are _______________.
- -0.51; complements
- -0.51; substitutes
- -1.95; complements
- -1.95; substitutes
Dozent des Vortrages Elasticity and Its Application
James DeNicco
Dr. DeNicco graduated from Drexel University in 2013. His primary field is Macroeconomics and his secondary field is Industrial Organization. His primary research interests are in Macroeconomics and applied Macroeconomics, especially the relationship between GDP growth and labor dynamics.
His focus is on jobless recovery, which explores the speed of recovery in unemployment rates post recession, controlling for GDP growth. He is currently an Assistant Professor at the University of Tampa, where he teaches both Macroeconomics and Microeconomics.
Dr. DeNicco also does work as a Research Associate for the Center for Labor Markets and Policy. In that role he has conducted extensive work with BLS and BEA data regarding estimation and forecasting techniques used by the Massachusetts Governor’s Office and the Rhode Island Department of Labor.
In addition, he collaborates on research identifying the determinants of successful transitions from high school to college and persistence in college, with the goal of identifying major transition barriers needing either program or policy intervention.
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