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Learning Goal: I’m working on a economics discussion question and need an explan

by | Aug 30, 2022 | Economics | 0 comments

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Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.
Remember that what you want for a demand curve is QD as a function of P (here, QD of Coke as a function of the price of Coke).
Also remember that we often write demand curves in the form QD = 12 – 3P. But when we graph it, we put price on the vertical axis and quantity on the horizontal axis, so the -3 in that equation is not the slope of a normally drawn demand curve – it’s the inverse of the slope.
Which is good for elasticity! We use the inverse of the slope for elasticity!
Remember that you can convert equations like this to write them in terms of P, and then you can see the slope directly.
Divide everything by 3: (1/3)*QD = 4 – P –> P = 4 – (1/3)*QD.
Here, 1/3 tells us how much P changes when Q changes (the slope of the demand curve = rise/run = ΔP/ΔQ!). But remember for elasticity: ED=%ΔQD%ΔP=ΔQD/QDΔP/P=ΔQDΔP×PQ
This is a long explanation of why – when you find the demand curve for the assignment and then are finding elasticity, if your demand curve takes the form QD = 12 – 3P (the numbers will be different, but it should be in this form!), that -3 is ΔQ/ΔP. (don’t invert it, unless you’ve written the demand curve differently)

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