From individual to market demand Functions p1 p1 vddd 20 5
From Individual to Market Demand Functions p1 p1 x A 1 * x B 1 20 15 * p1 ’ p1 ” p1 ’ p1
From individual to market demand Functions p1 p p1 p 20√A 15 p1 A,B x1+X1
From Individual to Market Demand Functions p1 p1 x A 1 * x B 1 * x x A B 1 1 * + p1 20 15 p1 ’ p1 ” p1 ’ p1 ” p1 ’
From individual to market demand Functions p1 p p1 p 20√A 5 p1 p A,B x1+X1
From Individual to Market Demand Functions p1 p1 x A 1 * x B 1 * x x A B 1 1 * + p1 20 15 p1 ’ p1 ” p1 ’ p1 ” p1 ’ p1
From individual to market demand Functions p1 p p1 p 20√A 5 p1 The“ horizonta|sum p of the demand curves of individuals a and B 35 A,B x1+X1
From Individual to Market Demand Functions p1 p1 x A 1 * x B 1 * x x A B 1 1 * + p1 20 15 35 p1 ’ p1 ” p1 ’ p1 ” p1 ’ p1 ” The “horizontal sum” of the demand curves of individuals A and B
Elasticities(弹性) ◆ Elasticity measures the“ sensitivity of one variable with respect to another o The elasticity of variable x with respect to variable y is △X X,y o△y
Elasticities （弹性） ◆Elasticity measures the “sensitivity” of one variable with respect to another. ◆The elasticity of variable X with respect to variable Y is x y x y , % % = .