Cross priceelasticity of demand EconomicsYear12 home需求的交叉价格弹性economicsyear12 家.pptVIP

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Cross priceelasticity of demand EconomicsYear12 home需求的交叉价格弹性economicsyear12 家.ppt

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Cross priceelasticity of demand EconomicsYear12 home需求的交叉价格弹性economicsyear12 家

Cross Price Elasticity of Demand IB Economics Cross Price Elasticity of Demand (PEDx,y) Cross price elasticity (PEDx,y) measures the responsiveness of demand for good X following a change in the price of good Y. In effect we are measuring to which degree a good is a substitute or complement PEDx,y describes the important distinction between substitutes and complements quantitatively. Formula for PEDx,y Example 1GB flash cards go down in price from $250 to $165 MP3 players demanded goes up from 13’000 to 18’000 in the same time period. X = MP3 players, Y = flash cards -1.13 tells us the goods are fairly complementary Cross Elasticity of Demand (PEDx,y) – Substitutes Substitutes: With substitute goods such as brands of razors, an increase in the price of one good will lead to an increase in demand for the rival product Cross price elasticity will be positive Weak substitutes – low PEDx,y Close substitutes – high PEDx,y Cross Elasticity of Demand (PEDx,y) - Complements Complements: Goods that are in complementary demand The cross price elasticity of demand for two complements is negative Weak complements – low PEDx,y Close complements – high PEDx,y Note the higher the magnitude (ignoring the sign) the closer the complement. Substitutes and Complements Substitutes and Complements Exercise Given that the price of Xbox 360? decreases due to a technological advance (lower productivity costs) what will happen to the demand for games for Xbox? and Playstation 3? consoles? Can you analyse the situation economically, drawing XED diagrams and supply/ demand diagrams to illustrate your conclusions? XBox Price increase for Xbox games (negative: complements) XBox Price increase for Xbox games (positive: substitutes) Any other comments? Goods with zero cross-price elasticity of demand Cross Price Elasticity for Substitutes* Complementary Goods Importance of PEDx,y for businesses Pricing strategies for substitutes: Consider for example the cross-price effect that has