Quipper Video - Ekonomi - Elastisitas - Kelas 10

Introduction

This tutorial provides a clear understanding of elasticity in economics, specifically tailored for 10th-grade students. Elasticity measures how the quantity demanded or supplied of a good changes in response to price changes. Understanding elasticity is crucial for analyzing market behavior and making informed economic decisions.

Step 1: Understand the Concept of Elasticity

• Elasticity refers to the responsiveness of one variable to changes in another variable.
• In economics, the most common types of elasticity are:
  • Price elasticity of demand
  • Price elasticity of supply
  • Income elasticity of demand
  • Cross elasticity of demand
• Each type helps in assessing how a change in price or income affects the demand or supply of a product.

Step 2: Learn the Formula for Price Elasticity of Demand

• The price elasticity of demand (PED) can be calculated using the formula:

  [ PED = \frac{\text{Percentage change in quantity demanded}}{\text{Percentage change in price}} ]

• To compute this:

  • Determine the initial and new quantities demanded.
  • Calculate the percentage change in quantity demanded.
  • Determine the initial and new prices.
  • Calculate the percentage change in price.

• Example:

  • If the price of a product increases from $10 to $12 and the quantity demanded decreases from 100 to 80:
    • Percentage change in quantity demanded = (\frac{80 - 100}{100} \times 100 = -20%)
    • Percentage change in price = (\frac{12 - 10}{10} \times 100 = 20%)
    • Thus, (PED = \frac{-20%}{20%} = -1)

Step 3: Classify Elasticity

• Based on the value of PED, classify the demand as:
  • Elastic (PED > 1): Demand changes significantly with price changes.
  • Inelastic (PED < 1): Demand changes little with price changes.
  • Unitary elastic (PED = 1): Demand changes proportionately with price changes.

Step 4: Understand Factors Affecting Elasticity

• Several factors influence elasticity:
  • Availability of substitutes: More substitutes usually lead to more elastic demand.
  • Necessity vs luxury: Necessities tend to have inelastic demand while luxuries are more elastic.
  • Proportion of income: Higher priced goods that take up a large portion of income tend to have more elastic demand.
  • Time period: Demand is often more elastic over the long run than in the short run.

Step 5: Explore Real-World Applications

• Elasticity helps businesses make pricing decisions:
  • If demand is elastic, lowering prices may increase total revenue.
  • If demand is inelastic, increasing prices may boost total revenue.
• Governments use elasticity to predict the effects of taxation and subsidies.

Conclusion

Understanding elasticity is essential for analyzing market dynamics and consumer behavior. By mastering the concepts and calculations of elasticity, students can apply this knowledge to real-world economic scenarios. Next steps include practicing calculations with different examples and exploring how elasticity affects business strategies and government policies.