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Normal & Inferior Goods
• Normal Goods
Goods for which demand goes up when income is higher and for which demand goes down when income is lower
• Inferior Goods
Goods for which demand tends to fall when income rises
www.aeunike.ub.ac.id
Market & Price
• Market (Pasar) Sebentuk organisasi dimana penjual dan
pembeli dapat berhubungan satu sama lain, dan terjadi interaksi antara pembeli dan penjual dalam menentukan harga
• Price (Harga) Suatu tingkat penilaian dimana barang yang
bersangkutan dapat ditukar dengan sesuatu yang lain
Ditentukan oleh permintaan dan penawaran
www.aeunike.ub.ac.id
The Price System: Rationing and Allocation Resources
• The adjustment of price is the rationing mechanism in free market
• Price rationing:
whenever there is a need to ration a good (when a shortage exists) the price of good will rise until quantity supplied equals to quantity demanded (market clears)
• Exception: Some products (example: rare painting)
www.aeunike.ub.ac.id
Membaca Mandiri:
• Contraints on the Market and Alternative Rationing Mechanisms – Oil, Gasoline, and OPEC – Rationing Mechanisms for Concert and Sports Tickets
• Prices and the Allocation of Resources • Price Floor • Supply and Demand and Market Efficiency
– Consumer Surplus – Produser Surplus – Competitive Markets Maximize the Sum of Producer and
Consumer Surplus – Potential Causes of Deadweight Loss From Under- and
Overproduction
www.aeunike.ub.ac.id
Price Elasticity of Demand
the ratio of the percentage of change in quantity demanded to the percentage change in price
Example
Apabila harga kedelai naik dari $ 2.00 menjadi $ 2.20 dan jumlah yang dibeli turun dari 10 unit menjadi 8 unit, maka elastisitas permintaan dapat dihitung sebagai berikut :
www.aeunike.ub.ac.id
Calculating Elasticities: The Midpoint Formula
To describe percentage changes more accurately
Example Apabila harga kedelai naik dari $ 2.00 menjadi $ 2.20 dan jumlah yang dibeli turun dari 10 unit menjadi 8 unit, maka elastisitas permintaan dapat dihitung sebagai berikut :
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Types of Elasticity
• Inelastic Demand ( e < 1) – Kuantitas yang diminta sedikit saja bereaksi terhadap perubahan
harga yang terjadi
• Elastic Demand (e > 1) – Kuantitas yang diminta bereaksi dengan kuat terhadap perubahan
harga yang terjadi
• Perfectly Inelastic (e = 0) – Kuantitas yang diminta tidak merespon sama sekali terhadap
perubahan harga yang terjadi
• Perfectly Elastic (e = ∞ ) – Kuantitas yang diminta berubah secara tak terbatas dengan adanya
sedikit perubahan harga
• Unitary Elastic (e = 1) – Kuantitas yang diminta berubah dengan persentase yang sama
seperti perubahan harga
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The Determinants of Demand Elasticity
• Availability of Subtitutes – When the subtitutes item is easy to get, the item will be more
elastic
• The Importance of Being Unimportant – An item will be inelastic when it is relatively small part of our total
budget – An item will be elastic when it is expensive item – An item will be elastic when it is multi-function item
• The Time Dimension – The elasticity of demand in the short run may be very different
from the elasticity of demand in the long run – In the longer run, demand is likely to become more elastic, or
responsive – Long-term item will be more elastic than short-term item
www.aeunike.ub.ac.id