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1、Part Two4Microeconomics:4Supply, Demand and Product MarketCh4. Applications of supply and demand4需求与供给的应用A. Elasticity of demand and supply4需求与供给弹性Price elasticity of demand4需求的价格弹性：4 (price elasticity): measuring how much the quantity demanded of a good changes when its price changes.4ED=(percentag
2、e change in quantity demanded )/percentage change in price. Elastic Demand Shows Large Quantity Response to Price ChangeCategories of price elasticity:4价格弹性的分类：4price-elastic demand: ED 14price-inelastic demand: ED 1, P PQ 4When ED =1, P PQ constantPrice elasticity of Supply4供给的价格弹性：4ES=(percentage
3、change in quantity supplied )/percentage change in price.Supply Elasticity Depends upon Producer Response to PriceB. Applications to Major Economic IssuesPrices of Basic Farm Products Have Declined SharplyAgricultural Distress Results from Expanding Supply and Price-Inelastic DemandThe economic of a
4、griculture:4Price support（价格支持） 4Tariffs and Quotas（关税与配额）4 not to Produce4Crop restrictionCrop-Restriction Program Raise both Price and Farm IncomeImpact of a tax on price and quantity:4The incidence of a tax: consumers and producers.4The relationship of tax and elasticity:Gasoline Tax Falls on Both Consumer and ProducerImpact of a Subsidies on price and quantity4补贴对价格与数量的影响Minimum floors and maximum ceilings:4最高限价与最低限价4Minimum wage: unemployment4Energy price controls: shortageThe Minimum Wage and Teenage Unemployment, 1947-2002Effects of a Minimum WagePrice Controls Produce Shortages
