Price Flexibility Coefficient, Other 10/13/09
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1 Price Flexibility Coefficient, Other Demand Elasticities 10/13/09
2 Review From 10/08/09 Identify the four factors that affect the own-price elasticity of demand and know if it results in the elasticity being more or less elastic Availability of substitutes Proportion of budget spent on item Time horizon (adjustment period) Degree of Necessity Understand the relationship of changes in price on total revenue, given elastic vs inelastic demand Be able to apply the concept of price elasticity of demand for real-world situations
3 Total Revenue Changes for a Given Price Change Price Price P 2 Gain in Revenue P 2 P 1 P 1 Loss in Revenue Gain in Revenue Loss in Revenue Q 2 Q 1 D 2 D 1 Quantity Q Quantity 2 Q 1 Inelastic Demand Elastic Demand
4 Relationship of Price Elasticity of Demand to Changes in Total Revenue Price Total Revenue Elastic Increase Decrease Decrease Increase Inelastic Increase Increase Decrease Decrease Note that for: Elastic Demand, Price and Revenue Move in the OPPOSITE Direction Inelastic Demand, Price and Revenue Move in the SAME Direction
5 Total Revenue Changes for a Given Price Change Price Price P 2 Loss in Revenue P 2 P 1 P 1 Gain in Revenue Loss in Revenue Gain in Revenue Q 2 Q 1 D 2 D 1 Quantity Q Quantity 2 Q 1 Inelastic Demand Elastic Demand
6 Application of Demand Elasticities: U.S. Tobacco Leaf/Industry Soft Drinks Snack Foods For copies of illustrative slides go to class website for slides on 10/08/09
7 Application of Demand Elasticities t to Taxing Foods/Beverages WSJ soda tax NEJM I -- g You Tube Video: NEJM: Baltimore Sun Editorial: Mercatus:
8 A tax of 1 cent per ounce of beverage would increase the cost of a 20-oz soft drink by 15 to 20%. The effect on consumption can be estimated through research on price elasticity (i.e., consumption shifts produced by price). The price elasticity for all soft drinks is in the range of 0.8 to 1.0. (Elasticity of 0.8 suggests that for every 10% increase in price, there would be a decrease in consumption of 8%, whereas elasticity of 1.0 suggests that for every 10% increase in price, there would be a decrease in consumption of 10%.) With the use of a conservative estimate that consumers would substitute calories in other forms for 25% of the reduced calorie consumption, an excise tax of 1 cent per ounce would lead to a minimum reduction of 10% in calorie consumption from sweetened beverages, or 20 kcal per person per day, a reduction that is sufficient for weight loss and reduction in risk (unpublished data). Source: The Public Health and Economic Benefits of Taxing Sugar-Sweetened Beverages, New England Journal of Medicine, 9/16/09.
9 Total Revenue Changes for a Given Price Change: Cigarettes vs Sodas Price Price P 2 P 2 Gain in Revenue P 1 P 1 +10% Loss in Revenue +10% Gain in Revenue Loss in Revenue Q 2 Q 1 D 1 Quantity Q 2 Q 1-2% -8% D 1 Quantity Inelastic Demand = -0.2 Inelastic Demand = -0.8
10 Other Applications Taxing Snack Foods and a Fat Tax Taxing Snack Foods: What to Expect for Diet and Tax Revenues. USDA/ERS, August pdf North Carolina s Proposed Fat Tax: North Carolina s Proposed Fat Tax: html?story_link= _msg
11 Price Volatility in Ag Markets Most agricultural commodities and food items tend to exhibit a very inelastic demand schedule which leads to volatile/flexible prices, relative to changes in quantities Sometimes ag economists (and farmers) are more interested in how quantity changes affect prices (price flexibility coefficient) than how price changes affect quantity (own- price elasticity of demand)
12 pp Schrimper Price Flexibility Coefficient Percentage Change in Price Given a 1% Change in Quantity Approximated by the Inverse of the Elasticity of Demand Inelastic Demand Characterizes More Flexible Prices Via a Larger Price Flexibility Coefficient P 2 -P 1 P 1 % Change In P 1 ε = = PFC = Q 2 -Q 1 % Change In Q ε D Q 1
13 Price Flexibility Coefficients: Interpretation If the own-price elasticity of demand is -0.5 (-1/2), then the price flexibility coefficient is which is interpreted as: 1/-0.5 = -2 Each 1% increase in quantity leads to a decline 2% in price, holding all other factors constant
14 Price Response for a Given Quantity Change Price P 2 Price PFC >1 PFC <1 P 2 P P 1 1 D 2 D 1 Quantity Q 2 Q Q Quantity 1 2 Q 1 Inelastic Demand ε < 1 Elastic Demand ε > 1
15 Movements vs Shifts in the Demand Curve So far in evaluating point (or arc) elasticities of demand and price flexibility coefficients we have been analyzing either the quantity responsiveness (with own-price elasticities) or the price responsiveness (with price flexibility coefficients) along a given demand curve, holding all other factors constant. Recall our demand shifters: Changes in the prices of substitutes or compliments Changes in income Changes in tastes and preferences Changes in the size or composition of the population Now we are going to analyze the direction of the shift AND how responsive quantity is to changes in one of these demand shifters
16 Measuring the Effects of Demand Shifters on Quantity Demanded Price Price P 1 P 1 P 2 D 3 D 2 D 1 D 1 Q 1 Q 2 Quantity Q 1 Q 2 Q 3 Quantity A Change in Quantity Demand A Change in Demand
17 Demand Shifters/Direction of the Shift Demand Shifter Price of Substitutes Direction of the Shift Shifts Demand to the right Shifts Demand to the left Price of Complements Income (Normal Good) Population Size or Composition Tastes and Preferences Shifts Demand to the left Shifts Demand to the right Shifts Demand to the right Shifts Demand to the left Shifts Demand to the right Shifts Demand to the left Shifts Demand to the varies
18 Cross-Price Elasticity Measures how the quantity demanded of one commodity responds to changes in the price of another commodity, holding all other factors constant Q I(2) Q I(1) ε Q I P J Q I(1) IJ =. = = P J(2) P J(1) P J Q I % Change In Q I % Change In P J Substitutes: E IJ > 0 Complements: E IJ < 0 Independent: E IJ = 0 P J(1)
19 Cross-Price Elasticity Q I(2) Q I(1) ε IJ = Q I P J. = P J Q I Q I(1) P J(2) P J(1) P J(1) = % Change In Q I % Change In P J Assume the price of the jth commodity increases from $0.75 to $1.00, which causes the quantity of the ith commodity to increase from 10 to 15. What is the cross-price elasticity for the ith commodity? Are commodities i and j substitutes or compliments?
20 Cross-Price Point Elasticity of Demand ε IJ = Q I(2) Q I(1) Q I(1) P J(2) P J(1) P J(1) Price of Pizza Price of Hamburgers ($) ($) Quantity of Pizzas What is the Cross-Price Elasticity of Demand for a given change in the Price of Hamburgers w.r.t. the Quantity of Pizza?
21 Cross Price Elasticity for Pizza Q Pizza = P Pizza +5 P HB -2 P Beer Assume: Inc P pizza = $10.00 P HB = $4.00 P Beer = $5.00 INC = $25,000 ε Q PIZZA Q P HB X PIZZA,P HB = P HB X = Q PIZZA What is the cross price elasticity for pizza with respect to the changes in hamburger prices?
22 Cross Price Elasticity for Pizza Q Pizza = P Pizza +5 P HB -2 P Beer Assume: Inc P pizza = $10.00 P HB = $4.00 P Beer = $5.00 INC = $25,000 ε Q PIZZA P4.00 HB Q PIZZA,P HB = 5 X = P HB Q PIZZA What is the cross price elasticity for pizza with respect to the changes in hamburger prices?
23 Interpretation Each 1% increase in the price of hamburgers results in a 0.4% increase in the quantity demanded for pizza Each 10% increase in the price of hamburgers results in a 40% 4.0% increase in the quantity demanded for pizza
24 Income Elasticity Measures the responsiveness of quantity demanded (Q) to income (INC), changes, holding all other factors constant Q 2- Q 1 ε Q INC INC =. = INC Q Q 1 INC 2 -INC 1 = % Change In Q % Change In INC INC 1 Normal Good: INC > ε 0 (e.g. beef, sports tix, computers) Inferior Good: INC < ε 0 (e.g. Ramen noodles, generic items) Assume income increases from $25,000 to $30,000, which causes quantity purchased to increase from 50 to 54. What is the income elasticity? Is this a normal or inferior good?
25 Income Elasticity for Pizza Q Pizza = P Pizza +5 P HB -2 P Beer Assume: Inc P pizza = $10.00 P HB = $4.00 P Beer = $5.00 INC = $25,000 Q INC ε PIZZA INC =. = Q PIZZA INC What is the income elasticity for pizza? 25, X =
26 Income Elasticities for Some Foods Table 4.3 Schrimper Income Elasticity Beef.39 Pork.66 Chicken.08 Turkey -.13 Eggs.29 Cheese.42 Milk.12 Butter.54 Margarine -.34 Sugar.01 Coffee.82 USDA Elasticity Data Base ata/elasticities/query.aspx Source: Huang, AJAE, 1996b
27 Journal Entry # 11 Read pages 6-10 of the article, Fruit and Vegetable Consumption by Low-Income Americans: Would a Price Reduction Make a Difference? ERS/USDA, January 2009, Answer the 5 questions -- turn in with the rest of the set on 10/27/09
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