# EC115 - Methods of Economic Analysis Spring Term - Lecture 1

Jul 5th, 2015
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Domenico Tabasso Room 5.408 (5th floor, Economics building) Office Hour: Wednesday 2-3pm E-mail: dtabas@essex.ac.uk.

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EC115 - Methods of Economic AnalysisSpring Term - Lecture 1ElasticityRenshaw - Chapter 9University of Essex - Department of EconomicsWeek 16Domenico Tabasso(UniversityLectureof1Essex- Spring- DepartmentTermof Economics)Week 161 / 26Hello!Domenico TabassoRoom 5.408 (5th floor, Economics building)Office Hour: Wednesday 2-3pmE-mail: dtabas@essex.ac.ukReminder: Mid-Term Test, Thursday 19 February 2009Domenico Tabasso(UniversityLectureof1Essex- Spring- DepartmentTermof Economics)Week 162 / 26Main Topics for this Term123Elasticity (last topic for functions of one variable)Functions of two variables:I DefinitionI DifferentiationI MaximisationI Economic ExamplesConstrained OptimizationDomenico Tabasso(UniversityLectureof1Essex- Spring- DepartmentTermof Economics)Week 163 / 26IntroductionOur starting point is a simple function y = f (x).The elasticity of a function is a way to measure the relationbetween a proportionate change in x and the resultingproportionate change in y .The word proportionate is extremely important.Domenico Tabasso(UniversityLectureof1Essex- Spring- DepartmentTermof Economics)Week 164 / 26Absolute, proportionate and percentage change - 1Our initial weekly income is Y0 = 200. Then the incomegoes up to Y1 = 240. We can then define three types ofchanges:1Absolute Change:Y Y1 Y0 = 240 200 = 40 per week;2Proportionate Change:Y401Y0 = 200 =

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