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1、Chapter 3Quantitative Demand AnalysisMcGraw-Hill/IrwinCopyright 2014 by The McGraw-Hill Companies, Inc. All rights reserved.Chapter OutlineThe elasticity conceptOwn price elasticity of demandElasticity and total revenueFactors affecting the own price elasticity of demandMarginal revenue and the own
2、price elasticity of demandCross-price elasticityRevenue changes with multiple productsIncome elasticityOther ElasticitiesLinear demand functionsNonlinear demand functionsObtaining elasticities from demand functionsElasticities for linear demand functionsElasticities for nonlinear demand functionsReg
3、ression AnalysisStatistical significance of estimated coefficientsOverall fit of regression lineRegression for nonlinear functions and multiple regression3-2Chapter OverviewIntroductionChapter 2 focused on interpreting demand functions in qualitative terms:An increase in the price of a good leads qu
4、antity demanded for that good to decline.A decrease in income leads demand for a normal good to decline.This chapter examines the magnitude of changes using the elasticity concept, and introduces regression analysis to measure different elasticities.3-3Chapter OverviewThe Elasticity ConceptElasticit
5、y Measures the responsiveness of a percentage change in one variable resulting from a percentage change in another variable.3-4The Elasticity ConceptThe Elasticity Formula3-5The Elasticity ConceptMeasurement Aspects of Elasticity3-6The Elasticity ConceptOwn Price Elasticity3-7Own Price Elasticity of
6、 DemandLinear Demand, Elasticity, and Revenue3-8QuantityPriceDemand$400$20$102030$540$15$30$25$351050607080Observation: Elasticity varies along a linear (inverse) demand curveOwn Price Elasticity of DemandTotal Revenue TestWhen demand is elastic:A price increase (decrease) leads to a decrease (incre
7、ase) in total revenue.When demand is inelastic:A price increase (decrease) leads to an increase (decrease) in total revenue.When demand is unitary elastic:Total revenue is maximized. 3-9Own Price Elasticity of DemandExtreme Elasticities3-10QuantityDemandPricePerfectly InelasticDemandPerfectly elasti
8、cOwn Price Elasticity of DemandFactors Affecting the Own Price ElasticityThree factors can impact the own price elasticity of demand:Availability of consumption substitutes.Time/Duration of purchase horizon.Expenditure share of consumers budgets.3-11Own Price Elasticity of DemandElasticity and Margi
9、nal Revenue3-12Own Price Elasticity of DemandDemand and Marginal RevenueQuantity0MR3Price6ElasticDemandOwn Price Elasticity of Demand16InelasticUnitaryMarginal Revenue (MR)3-13Cross-Price Elasticity3-14Cross-Price ElasticityCross-Price Elasticity in Action3-15Cross-Price ElasticityCross-Price Elasti
10、city3-16Cross-Price ElasticityCross-Price Elasticity in Action3-17Cross-Price ElasticityIncome Elasticity3-18Income ElasticityIncome Elasticity in Action3-19Income ElasticityOther ElasticitiesOwn advertising elasticity of demand for good X is the ratio of the percentage change in the consumption of
11、X to the percentage change in advertising spent on X.Cross-advertising elasticity between goods X and Y would measure the percentage change in the consumption of X that results from a 1 percent change in advertising toward Y.3-20Other ElasticitiesElasticities for Linear Demand Functions3-21Obtaining
12、 Elasticities From Demand FunctionsElasticities for Linear Demand Functions In Action3-22Obtaining Elasticities From Demand FunctionsElasticities for Nonlinear Demand Functions3-23Obtaining Elasticities From Demand FunctionsElasticities for Nonlinear Demand FunctionsIn Action3-24Obtaining Elasticiti
13、es From Demand FunctionsRegression AnalysisHow does one obtain information on the demand function?Published studies.Hire consultant.Statistical technique called regression analysis using data on quantity, price, income and other important variables.3-25Regression AnalysisRegression Line and Least Sq
14、uares Regression3-26Regression AnalysisExcel and Least Squares Estimates3-27SUMMARY OUTPUTRegression StatisticsMultiple R0.87R Square0.75Adjusted R Square0.72Standard Error112.22Observations10.00ANOVADfSSMSFSignificance FRegression1301470.89301470.8923.940.0012Residual8100751.6112593.95Total9402222.
15、50CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Intercept1631.47243.976.690.00021068.872194.07Price-2.600.53-4.890.0012-3.82-1.37Regression AnalysisEvaluating Statistical Significance3-28Regression AnalysisExcel and Least Squares Estimates3-29SUMMARY OUTPUTRegression StatisticsMultiple R0
16、.87R Square0.75Adjusted R Square0.72Standard Error112.22Observations10.00ANOVADfSSMSFSignificance FRegression1301470.89301470.8923.940.0012Residual8100751.6112593.95Total9402222.50CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Intercept1631.47243.976.690.00021068.872194.07Price-2.600.53-4.
17、890.0012-3.82-1.37Regression AnalysisEvaluating Overall Regression Line Fit: R- Square3-30Regression AnalysisEvaluating Overall Regression Line Fit: Adjusted R-Square3-31Regression AnalysisEvaluating Overall Regression Line Fit: F-StatisticA measure of the total variation explained by the regression
18、 relative to the total unexplained variation. The greater the F-statistic, the better the overall regression fit.Equivalently, the P-value is another measure of the F-statistic.Lower p-values are associated with better overall regression fit.3-32Regression AnalysisExcel and Least Squares Estimates3-
19、33SUMMARY OUTPUTRegression StatisticsMultiple R0.87R Square0.75Adjusted R Square0.72Standard Error112.22Observations10.00ANOVADfSSMSFSignificance FRegression1301470.89301470.8923.940.0012Residual8100751.6112593.95Total9402222.50CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Intercept1631.4
20、7243.976.690.00021068.872194.07Price-2.600.53-4.890.0012-3.82-1.37Regression AnalysisRegression for Nonlinear Functions and Multiple Regression3-34Regression AnalysisExcel and Least Squares Estimates3-35SUMMARY OUTPUTRegression StatisticsMultiple R0.89R Square0.79Adjusted R Square0.69Standard Error9.18Observations10.00ANOVADfSSMSFSignific
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