Economics Presentation Final
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Price Elasticity of Demand for Sugar
Sanket .S. Shirodkar (Leader) Kushal Doshi Shruti Jain Varsha Baldewa Nimesh Gala Mayur Patel
Varsha Baldewa Roll No :- 27 UPPER CLASS
P1
Family-1 Baldewa
21
Family-2 Somani Family-3 Jain Family-4 Mandhara Family-5 Gupta
Q1
5.00
P2
33
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
0.00
0.57
0.00
0.00
0.57
0.00
0.57
-0.87
0.57
0.00
0.57
1.31
Q2
5.00
( No change in consumption )
21
6.00
33
6.00
( Price increases income increases )
21
6.00
33
3.00
-0.50
( Diabetics Patient increase in family )
21
2.00
33
2.00
0.00
( Small family so price doesn’t matter)
21
4.00
33
7.00
0.75
( Nuclear family change to joint family)
Kushal Doshi Roll No :- 33 UPPER CLASS
P1
Family-1 Gandhi
21
Family-2 Shah Family-3 Patel Family-4 Doshi Family-5 Parmar
Q1
P2
% ΔQ
%ΔP
Ep
(%Change in price )
(%ΔQ/% ΔP)
0.00
0.57
0.00
-0.20
0.57
-0.35
0.00
0.57
0.00
7.00
0.75
0.57
1.31
2.00
0.00
0.57
0.00
Q2
(% Change In Quantity)
3.00
33
( Make
3.00more
sweets )
( No change in consumption )
21
5.00
33
4.00
( Sweet comes from market )
21
4.00
33
4.00
( No change in consumption )
21
4.00
33
( Make more sweet )
21
2.00
33
( Price increase income increase )
Mayur Patel Roll No :- 41 MIDDLE CLASS
P1
Family-1 Gala
21
Family-2 Patel Family-3 Bhanushali Family-4 Gupta Family-5 Lakhani
Q1
1.00
P2
33
Q2
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
-0.25
0.57
-0.43
1.25
-0.16
0.57
-0.29
2.00
0.33
0.57
0.58
-0.12
0.57
-0.21
-0.14
0.57
-0.25
0.75
( Because of increase in price )
21
1.50
33
( Death in family )
21
1.50
33
( Increase in no of family member )
21
2.00
33
1.75
( Because of increase in price )
21
1.75
33
1.50
( Because of increase in price )
Nimesh Gala Roll No :- 42 MIDDLE CLASS
P1
Family-1 Gala
21
Family-2 Sangvi Family-3 Gada Family-4 Savla Family-5 Gosar
Q1
2.00
P2
33
Q2
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
5.00
1.50
0.57
2.62
1.25
-0.16
0.57
-0.29
-0.25
0.57
-0.43
( Festival season )
21
1.50
33
( Because of increase in price )
21
2.00
33
1.50
( Head person income decrease in family )
21
2.00
33
1.75
-0.12
0.57
-0.21
2.50
-0.16
0.57
-0.29
( Substitute effect )
21
3.00
33
( Child shifted to hostel )
Shruti jain Roll No :- 38 LOWER CLASS
P1
Family-1 Mahta
21
Family-2 Patel Family-3 Kumar Family-4 Kapur Family-5 Parekh
Q1
2.00
P2
33
Q2
1.00
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
-0.50
0.57
-0.87
-0.91
0.57
-1.60
( Rise in price of sugar )
21
3.00
33
0.25
( Income decrease so that’s why sugar price not affordable )
21
2.00
33
0.50
-0.75
0.57
-1.31
0.25
-0.75
0.57
-1.31
-0.14
0.57
-0.25
( Lower Income )
21
1.00
33
( Rise in price of sugar )
21
1.75
( Price effect )
33
1.50
Sanket Shirodkar Roll No :- 15 MIDDLE CLASS
P1
Family-1 Patil
21
Family-2 Shetty Family-3 Dalmiya
Q1
2.50
P2
33
Q2
2.50
Ep
%ΔQ
%ΔP
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
0.00
0.57
0.00
0.57
-0.43
( No change in quantity consumed)
21
1.00
33
0.75
-0.25
( 3 member family reduces consumption habit)
21
3.00
33
2.75
-0.08
0.57
-0.14
( Family members begin to consume less sugar )
Family-4 Dubey Family-5 Singh
21
2.00
33
2.00
0.00
0.57
-0.00
0.57
-1.0
( No change in quantity consumed)
21
1.75
33
0.75
-0.57
( 2 members moved out due to job responsibilities )
Conclusion Average price elasticity Ep = ∑ |Ep| / no of readings = 16.36/30 = 0.5453 Shows that curve is inelastic as the value of elasticity is <1 Sugar is a basic commodity that people use everyday. Hence is seen that even though the price of the commodity falls steeply there is no much change in the quantity demanded
Thank You…
Sanket .S. Shirodkar (Leader) Kushal Doshi Shruti Jain Varsha Baldewa Nimesh Gala Mayur Patel
Varsha Baldewa Roll No :- 27 UPPER CLASS
P1
Family-1 Baldewa
21
Family-2 Somani Family-3 Jain Family-4 Mandhara Family-5 Gupta
Q1
5.00
P2
33
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
0.00
0.57
0.00
0.00
0.57
0.00
0.57
-0.87
0.57
0.00
0.57
1.31
Q2
5.00
( No change in consumption )
21
6.00
33
6.00
( Price increases income increases )
21
6.00
33
3.00
-0.50
( Diabetics Patient increase in family )
21
2.00
33
2.00
0.00
( Small family so price doesn’t matter)
21
4.00
33
7.00
0.75
( Nuclear family change to joint family)
Kushal Doshi Roll No :- 33 UPPER CLASS
P1
Family-1 Gandhi
21
Family-2 Shah Family-3 Patel Family-4 Doshi Family-5 Parmar
Q1
P2
% ΔQ
%ΔP
Ep
(%Change in price )
(%ΔQ/% ΔP)
0.00
0.57
0.00
-0.20
0.57
-0.35
0.00
0.57
0.00
7.00
0.75
0.57
1.31
2.00
0.00
0.57
0.00
Q2
(% Change In Quantity)
3.00
33
( Make
3.00more
sweets )
( No change in consumption )
21
5.00
33
4.00
( Sweet comes from market )
21
4.00
33
4.00
( No change in consumption )
21
4.00
33
( Make more sweet )
21
2.00
33
( Price increase income increase )
Mayur Patel Roll No :- 41 MIDDLE CLASS
P1
Family-1 Gala
21
Family-2 Patel Family-3 Bhanushali Family-4 Gupta Family-5 Lakhani
Q1
1.00
P2
33
Q2
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
-0.25
0.57
-0.43
1.25
-0.16
0.57
-0.29
2.00
0.33
0.57
0.58
-0.12
0.57
-0.21
-0.14
0.57
-0.25
0.75
( Because of increase in price )
21
1.50
33
( Death in family )
21
1.50
33
( Increase in no of family member )
21
2.00
33
1.75
( Because of increase in price )
21
1.75
33
1.50
( Because of increase in price )
Nimesh Gala Roll No :- 42 MIDDLE CLASS
P1
Family-1 Gala
21
Family-2 Sangvi Family-3 Gada Family-4 Savla Family-5 Gosar
Q1
2.00
P2
33
Q2
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
5.00
1.50
0.57
2.62
1.25
-0.16
0.57
-0.29
-0.25
0.57
-0.43
( Festival season )
21
1.50
33
( Because of increase in price )
21
2.00
33
1.50
( Head person income decrease in family )
21
2.00
33
1.75
-0.12
0.57
-0.21
2.50
-0.16
0.57
-0.29
( Substitute effect )
21
3.00
33
( Child shifted to hostel )
Shruti jain Roll No :- 38 LOWER CLASS
P1
Family-1 Mahta
21
Family-2 Patel Family-3 Kumar Family-4 Kapur Family-5 Parekh
Q1
2.00
P2
33
Q2
1.00
%ΔQ
%ΔP
Ep
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
-0.50
0.57
-0.87
-0.91
0.57
-1.60
( Rise in price of sugar )
21
3.00
33
0.25
( Income decrease so that’s why sugar price not affordable )
21
2.00
33
0.50
-0.75
0.57
-1.31
0.25
-0.75
0.57
-1.31
-0.14
0.57
-0.25
( Lower Income )
21
1.00
33
( Rise in price of sugar )
21
1.75
( Price effect )
33
1.50
Sanket Shirodkar Roll No :- 15 MIDDLE CLASS
P1
Family-1 Patil
21
Family-2 Shetty Family-3 Dalmiya
Q1
2.50
P2
33
Q2
2.50
Ep
%ΔQ
%ΔP
(% Change In Quantity)
(% Change In Price)
(%ΔQ/% ΔP)
0.00
0.57
0.00
0.57
-0.43
( No change in quantity consumed)
21
1.00
33
0.75
-0.25
( 3 member family reduces consumption habit)
21
3.00
33
2.75
-0.08
0.57
-0.14
( Family members begin to consume less sugar )
Family-4 Dubey Family-5 Singh
21
2.00
33
2.00
0.00
0.57
-0.00
0.57
-1.0
( No change in quantity consumed)
21
1.75
33
0.75
-0.57
( 2 members moved out due to job responsibilities )
Conclusion Average price elasticity Ep = ∑ |Ep| / no of readings = 16.36/30 = 0.5453 Shows that curve is inelastic as the value of elasticity is <1 Sugar is a basic commodity that people use everyday. Hence is seen that even though the price of the commodity falls steeply there is no much change in the quantity demanded
Thank You…
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