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Price Elasticity of Demand
Lecture Notes
# Elasticity & total revenue
- –Price elasticity of demand, usually negative, so compare its absolute value:
- –Elastic : a price cut raises total revenue. Inelastic : a price cut lowers it.
- –Determinants: substitutes, share of income, necessity vs luxury, time horizon.
⚑ Flagged in lecture
“You must be able to calculate PED and say what it means for total revenue: this will be on the test.”
On the testLecturer · 34:20
Study guides
A week's lectures compressed into the definitions and formulas that matter.
Cost-Volume-Profit Analysis
✎ Study Guide
CVP analysis shows how changes in cost, volume and selling price flow through to operating profit.
- Contribution margin per unit, what each sale puts toward fixed costs and profit:
- Break-even volume. Sell below it and you make a loss; above it, a profit:
- Target-profit volume:
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Why does a higher fixed cost raise the break-even point?
Flashcards
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Flashcards · ACCT102
Card 3 / 20
Term
Contribution Margin
Answer
Sales revenue minus variable costs: the amount left to cover fixed costs and then contribute to profit. Per unit:
Practice quizzes
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Quiz · ACCT102
Question 4 of 10
A firm has fixed costs of $60,000. It sells units at $50 each with a variable cost of $30 per unit. What is its break-even point in units?
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