Applied Economics

Quarter 3 – Module 4:
Market Pricing
Applied Economics – Grade 12
Alternative Delivery Mode
Quarter 3 – Module 4: Market Pricing
First Edition, 2020

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Applied Economics
Quarter 3 – Module 4:
Market Pricing
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear learners,
can continue your studies and learn while at home. Activities, questions, directions,
exercises, and discussions are carefully stated for you to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you step-by-
step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in each

SLM. This will tell you if you need to proceed on completing this module or if you
need to ask your facilitator or your teacher’s assistance for better understanding of
the lesson. At the end of each module, you need to answer the post-test to self-check
you’re learning. Answer keys are provided for each activity and test. We trust that
you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are also
provided to our facilitators and parents for strategies and reminders on how they can
best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on any part
of this SLM. Use a separate sheet of paper in answering the exercises and tests. And
read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in answering the
tasks in this module, do not hesitate to consult your teacher or facilitator.

Thank you.

1
 What I Need to Know

This module was designed to help you analyze and propose solution/s to the
economic problems using the principles of applied economics.

At the end of this module, you should be able to:

1. define elasticity;
2. compute for the demand elasticity and supply elasticity; and
3. analyze the implication of elasticity in price determination.

What I Know

Choose the letter of the correct answer. Write your answer on the space provided
before each number.

_______ 1. The degree of change in demand or supply due to the change in its
determinants

a. Inelastic
b. Elasticity
c. Cross elasticity
d. Price elasticity

_______ 2. The main determinants of supply and demand

a. Technology
b. Income
c. Price
d. Quantity

_______ 3. The elasticity coefficient of 0.7 means

a. Elastic
b. Inelastic
c. Perfectly elastic
d. Perfectly inelastic

2
_______ 4. If the computed price elasticity is more than 1. What does it mean?

a. Elastic
b. Unitary
c. Perfectly elastic
d. Perfectly inelastic

_______ 5. The elasticity is said to be _______ if the coefficient is 1.

a. Elastic
b. Unitary
c. Perfectly elastic
d. Perfectly inelastic

_______ 6. The demand elasticity can be measured by the following except:

a. Income elasticity
b. Price elasticity
c. Product elasticity
d. Cross elasticity

_______ 7. P

The graph show a ________________ supply curve.

a. Elastic
b. Perfectly elastic
c. Inelastic
d. Perfectly inelastic

3
_______ 8. Which of the following shows an elastic demand curve?

a. b.

c. d.

_______ 9. When there is a greater change in the demand for banana because of the
change in price of avocado. The demand for banana is said to be:
a. Unitary
b. Elastic
c. Inelastic
d. None of the above

_______ 10. Which of the following statement is true?

I. Change in income of an employee may not affect his demand for some
product.
II. When there is a change in price, there is always a change in demand.
III. The demand is not affected by the change in price if the demand for a
certain product is inelastic.

a. I and II
b. 1 and III
c. II and III
d. All of the above

_______ 11. The original price of product X is ₱20.00 before an increase of ₱5.00.
Because of this, the demand for the product decrease from 50 units to
40 units. The price elasticity coefficient of the product X is:
a. 0.75
b. 1.00
c. 0.80
d. 0.08

4
_______ 12. Refer to the problem in number 11. The price elasticity of product X is:
a. Elastic
b. Inelastic
c. Unitary
d. Perfectly inelastic

_______ 13. Which of the following is the formula for price elasticity?

I.
P2 -P1/ P1
Ep =
Q2 – Q1 / Q1
II.
Q2 -Q1/ Q1
Ep =
P2 – P1 / P1
III.
Percentage of change in quantity demanded
Ep =
Percentage of change in price
IV.
Percentage of change in price
Ep =
Percentage of change in quantity demanded

a. I and IV
b. II only
c. II and III
d. IV only

_______ 14. Which of the following is true if the product is elastic?

I. Consumers and producers are sensitive to the price at which a good is to be
sold.
II. The manufacturers/sellers can offer more products if the price increases.
III. The consumers are willing to buy the products even if its price increases.
IV. The manufacturers/sellers cannot produce or offer more products even if the
price increases.

a. I and II
b. I and III
c. I and IV
d. II and III

_______ 15. Which of the following is not true if the product is inelastic?
a. The manufacturers/sellers can offer more products even if the price
increases.
b. The consumers are not price sensitive.
c. The demand for the product is almost the same at different price range.
d. The demand for the product changes because of the change in price.

5
 Lesson
Elasticity of Demand and
1 Supply
In the previous lesson about the law of supply and demand, we learned that
the price is the main determinant of the quantity demanded and quantity supplied.

In making economic decision, both the seller and the buyer consider the price
of the goods that they will be buying or selling. As buyers, as mentioned in the law
of demand, most of the time we consider the selling price of an item before deciding
to buy it. For sellers, for sure, they want to produce more of their products if the
price is high to yield more profit, but they will also consider the possibility of losing
some customers because of setting higher price.

What’s In

In the following situations, identify whether there is an increase or decrease in

price, demand or supply.

1. If the price increases, the demand will _____________.

2. If the price increases, the supply will _____________.
3. The increase in the number of substitutes/alternative products will result in
_____________ in demand and (4.) _____________ in price.
5. The use of technology in production will cause _____________ in supply and
(6.) _____________ in price.
7. Surplus may cause price to _____________.
8. Shortage may cause price to _____________.
9. Increase in income may _____________ demand.
10. Increase in the cost of production (cost of raw materials and labor) may
result in _____________ in supply.
11. The price of coffee is expected to increase next week, the demand for coffee
this week is expected to _____________.
12. The demand for umbrellas _____________ during rainy season.
13. The price of product A increases so the demand for its complementary
product will _____________.
14. Because of the presence of internet, DVDs now are out of the trend so the
demand for it _____________.
15. The demand for vitamin C increases so the price _____________.

6
 Notes to the Teacher

This activity will help the student to review topics on the law of
supply and demand. This will prepare the students in learning the
new lesson.

What’s New

What if the price of the products/services listed in column 1 increase its price, what
will you do? Let us identify your responses. Based on what is listed in the column 1,
write what is your decision in the column 2 and in column 3 briefly explain the
reason in making such decision. Your decision could be:

1. Ikaw pa rin (if you still choose to buy or avail the product/service)

2. Buti pa siya. (if you choose to buy another product or an alternative)

3. Sige na nga. (if you have no choice but to buy the product)

4. Huwag na lang. (if you decide not to buy the product and not to find alternative)

YOUR REASON FOR YOUR

SITUATIONS
RESPONSE/DECISION DECISION
1. favorite milk tea
increases its price
by ₱10.00
2. favorite load promo
package for 7 days
reduces its validity
to 5 days at same
price
3. a variety of rice
increases by ₱5.00
per kilo
4. mother’s
maintenance
medicine increases
its price by 10 %
5. increase in price of
your favorite t-shirt
brand

7
 What is It

When we were in lower grade level, we encountered the word “elastic, usually
in our science subject. We define it as being flexible or having the ability to be
stretched but can go back to its original shape or size like a rubber band.

In economics, the terms elasticity is used to define the change in behavior of

the sellers or buyers because of the change in price and/or other determinants of
supply and demand. It measures how the sellers or buyers respond to the changes
in determinants mainly the price.

Elasticity of Demand and Supply

The degree of elasticity of different products vary for several reasons. For the
customers and suppliers, the common determinant of the quantity demanded and
supplied is the price.

During the discussion of the law of demand and the law of supply, it was
discussed that as the price increase the quantity demanded by the customers
decrease and quantity supplied by the sellers increases. Do you think what is stated
in the law of demand and supply always applicable? If it is applicable, is the change
in quantity demanded for several products still the same? Does it mean that if the
price increase by 1 % the demand will decrease by 1 % and the supply increases by
1 % also? To answer these questions, it is important to understand the reactions of
customers and sellers to the change in price of different products. The reactions of
the customers vary and so with the elasticity. The higher the change in quantity
demanded compared to the change in determinants the more elastic is the product.

Price Elasticity of Demand and Supply

Price Elasticity of Demand

Price elasticity of demand measures the change in demand in response to the

change in price. For example, the price of pork increases by 5 % the price elasticity
will be determined by identifying the percentage of decrease or increase in demand
due to the change in price.

8
 To compute the price elasticity (ep) of demand the formula is:

Percentage change in quantity demanded

ep =
Percentage change in price

(Q2 – Q1)/Q1
=
(P2 – P1)/P1

Where:

Q1 = the original quantity demanded

Q2 = the new quantity demanded

P1 = the original price

P2 = the new price

To illustrate, let us have us have the following example.

Product A has the following demand schedule:

Situation Price Quantity demanded

1 ₱30.00 50
2 ₱40.00 45
3 ₱35.00 45

Example 1:

Let us first consider the Situation 1 and 2 where the price of product A
increases from 30 to 40 and the quantity demanded decreases from 50 to 45. To
compute for the elasticity coefficient let us use the given formula for price elasticity
of demand.
(45 – 50) /50
ep =
(40 – 30)/ 30

- 0.1
=
0.33

ep = -0.3

9
Example 2:

To find out whether the product will be having the same elasticity at different
price, let us consider Situation 2 and 3 for another example.
(45 – 45) /45
ep =
(35 – 40)/ 40

0
=
-0.125

ep = 0

The two examples show that at different price and quantity combination the
price elasticity coefficient may not be the same, a proof that the customers’ reaction
to price changes vary.

To understand the meaning of the elasticity coefficient, understanding the

types of elasticity can help us to analyze and interpret it.

Types of Elasticity

A. Elastic - The percentage change in quantity demanded is greater than the

percentage change in price. It has more than 1 elasticity coefficient.
It means that if the price will increase there is a greater possibility that the
consumer will not buy the product or may decrease the quantity of the product
to buy.
B. Inelastic - The percentage change in quantity demanded is lesser than the
percentage change in price. It has less than 1 elasticity coefficient. It means
that the decision of the consumer to buy the product is not that affected by
the increase or decrease in price. The seller cannot assume that the
consumer will buy more if they will decrease the price since the change in
quantity demanded is only minimal.
C. Unitary - The percentage change in price is equal to the percentage change
in quantity demanded. The elasticity coefficient is 1. It means that if the
price increase by 1 % the demand will decrease by 1 % also and vice versa.
D. Perfectly elastic - When at the same price, the change of demand is infinite.
It means that a small change in price may cause a huge change in demand.
E. Perfectly inelastic - When there is no change in demand despite of the
changes in price. Elasticity coefficient is zero. It means that the demand is
not affected by price at all. The demand will still be the same even if there is
an increase or decrease in price.

Considering the two examples above let us interpret the elasticity coefficient
that we derive. In example 1, the price elasticity coefficient is -0.3. It is inelastic,

10
which means that for every 1 % change in price there will be 0.3 % change in
demand. The change in price cause a minimal change in demand. In example 2.
The price elasticity coefficient is 0. It is perfectly inelastic. The change in price does
not affect the demand. In interpreting the price elasticity coefficient, we ignore the
negative sign. It is negative because the price and demand is inversely related.

Demand Curves and Their Elasticity

Figure 1: Elastic Demand Curve

3
2.5
2
1.5
1
0.5
0
0 2 4 6 8 10 12 14

Figure 1 is an example of an elastic demand curve showing that a small change in

price cause the demand to change more.

10
Figure 2. Inelastic Demand Curve

0
0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

11
Figure 2 is an example of an inelastic demand curve showing that a change in price
cause a little change in demand.

Figure 3: Perpectly Inelastic Demand Curve

6
5
4
3
2
1
0
0 1 2 3 4 5 6

Figure 3 is an example of perfectly inelastic demand curve showing that the quantity
demanded is not affected by the change in price.

Figure 4: Perfectly Elastic Demand Curve

3

0
0 0.5 1 1.5 2 2.5 3 3.5

Figure 4 is an example of perfectly elastic demand curve. It shows a great change in

demand.

Figure 5: Unitary Demand Curve

6

0
0 1 2 3 4 5 6

Figure 5 is an example of unitary demand curve. It shows that the percentage of

change in price is the same with the percentage of change in demand.

12
Price Elasticity of Supply

Price is the main determinant of supply. Its elasticity describes how the
producer or seller reacts or respond to the change in price.

To compute the price elasticity (ep) of supply the formula is:

Percentage change in quantity supplied

ep =
Percentage change in price

(Qs2 – Qs1)/Qs1
=
(P2 – P1)/P1

Where:

Qs1 = the original quantity supplied

Qs2 = the new quantity supplied

P1 = the original price

P2 = the new price

To illustrate, let us consider the following example:

Price Quantity Supplied

₱150 300
₱175 350

Given the supply schedule above, let us compute for the price elasticity of
demand.

(350 – 300) /300

ep =
(175 – 150)/ 150
0.167
=
0.167
ep = 1

Interpretation: The price elasticity coefficient of 1 means unitary. It means that for
every 1 % change in price there will be 1 % change in quantity supplied.

Note: Interpretation is the same with how you interpret the price elasticity of demand.

13
Supply Curves and Their Elasticity

Figure 6: Elastic Supply Curve

3

2.5

1.5

0.5

0
0 2 4 6 8 10 12 14

Figure 7: Inelastic Supply Curve

6

0
0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6

Figure 8: Perpectly Inelastic Supply Curve

(supply is fixed and zero elasticity)
10

0
0 1 2 3 4 5 6

Figure 9: Perfectly Elastic Supply Curve

(Infinitely Elastic)
2.5
2
1.5
1
0.5
0
0 0.5 1 1.5 2 2.5 3 3.5

Income Elasticity and Cross Price Elasticity of Demand

14
Demand elasticity can also be determined by:

A. Income elasticity which measures the change in demand in response to the

change in income of the customers.

The formula for income elasticity (ey) is:

Percentage change in quantity demanded
ey =
Percentage change in income

(Q2 – Q1)/Q1
=
(Y2 – Y1)/Y1

Where:

Q1 = the original quantity demanded

Q2 = the new quantity demanded

Y1 = the original income

Y2 = the new income

For example:

An employee who earns P20,000 monthly can afford to buy his favorite milk
tea almost 3 times a week but because of the pandemic in which most of the
employees are affected, they are now reporting to their work 3 days a week only
instead of 5 days. His income is affected and so with their expenses. Instead of their
regular monthly salary, he receives P12,000 monthly. The purchase of his favorite
milk tea also reduced to once a week only.

To compute for its income elasticity, let us consider the following:

Q1 = 3 Q2 = 1
Y1 = 20,000 Y2 = 12,000

(1 – 3) /3
ey =
(12,000 – 20,000)/ 20,000

-0.67
=
-0.4

15
 ey = 1.675

For this example, the income elasticity coefficient shows that it is elastic. The
income really affects the demand for that particular product.

B. Cross price elasticity which measures the change in demand for a good in
response to the change in price of related (substitute or complementary)
goods.

The formula for cross price elasticity (ec) is:

Percentage change in quantity demanded of Good A
ec =
Percentage of change in price of Good B

(QD2 – QD1)/QD1
=
(P2 – P1)/P1

Note: For quantity demanded (QD) consider the quantity demanded for Good
A and for price, the change in price of another good (Good B).

Example:

The price of Product B increases from ₱35.00 to ₱42.00 which cause some of
its consumer to decide buying Product A, its substitute. The demand for Product A
increases from 500 units to 650 units.

Product A: QD1 = 500 units QD2 = 650 units

Product B: P1 = ₱35.00 P2 = ₱42.00

(650 – 500) /500

ec =
(42 – 35)/ 35

0.3
=
0.2

ec = 1.5

The cross elasticity of 1.5 shows that it is elastic. It means that a change in
price of a related good can cause a change in demand for another good.

16
 What’s More

Given the demand schedule below, determine the elasticity in the different situations.
Show your solution: (3 points each – 1 point for the solution, 1 point for the elasticity
coefficient and 1 point for the elasticity)

Situation Price Quantity Demanded

I 100 350
II 125 325
III 140 305
IV 160 270
V 165 250
VI 180 220
VII 190 200

1. Situation I and II
2. Situation II and III
3. Situation III and IV
4. Situation V and VI
5. Situation VI and VII

What I Have Learned

Complete the sentences in column A. Choose your answer from the choices given in
column B for each number and write the letter of your answer on the space provided
In this module I learned that:
1. the consumers may respond differently to the
a. Income elasticity
change in price of a product and their response
b. Price elasticity
is measure through
c. Cross elasticity
____________________________.
2. the degree of change in demand for a product
a. Income elasticity
due to the change in price of its alternative or
b. Price elasticity
complementary is called
c. Cross elasticity
____________________________.
a. Inelastic
3. the demand curve is steeper than normal if the
b. Elastic
elasticity type is ___________________.
c. Unitary
4. a straight horizontal line represents a
a. Perfectly
____________________________ demand curve.
inelastic
while a straight vertical line represent a (5)
b. Perfectly elastic
____________________________ demand curve.
c. Unitary

17
 a. Perfectly elastic
6. an elasticity coefficient of 1 means
b. Unitary
_______________________________.
c. Elastic
a. Elastic
7. an elasticity coefficient of less than 1 means
b. Unitary
_______________________________.
c. Inelastic
a. Unitary
8. an elasticity coefficient of more than 1 means
b. Inelastic
_____________________________.
c. Elastic
a. Perfectly
9. if the elasticity coefficient is zero, it means inelastic
_______________________________. b. Perfectly elastic
c. Unitary
a. Perfectly
10. if the elasticity coefficient is immeasurable, it inelastic
means ___________________________. b. Perfectly elastic
c. Unitary
11. if the percentage of change in quantity supplied
a. Inelastic
is higher than the percentage of change in price,
b. Elastic
the price elasticity of supply is
c. Unitary
______________________________.
12. if the consumer is not price sensitive, the a. Unitary
elasticity of demand is b. Elastic
____________________________. c. Inelastic
13. the seller can increase its price and can assure
a. Elastic
that the consumer will continuously buy their
b. Inelastic
product if the price elasticity of demand for the
c. Perfectly elastic
product is ________________________ .
14. the more elastic the demand is, the a. Less
_______________________ will be the increase in b. More
price. c. Greater
15. the less elastic the demand is, the a. Less
_______________________ the increase in quantity b. More
sold even if the price decreases. c. Lesser

18
 What I Can Do

Given the demand schedule set A and B, make a graph to show the demand curve.
Make separate graph for set A and B. For each set, describe the graph briefly and
determine the elasticity of the product based on the graph you made. (5 points per
set)

Set A

Price Quantity
10 25
12 25
14 25
16 25
18 25

Your graph and answer for Set A

Set B
Price Quantity
10 30
11 25
12 20
13 18
15 15

Your graph and answer for Set B

19
 Assessment

Compute for the elasticity. Show your Solution. (5 points each)

1. Product A has an introductory price of ₱120.00. After 3 months of business

operation, the owner decided to increase the price by 8 % which caused the
demand to decrease from 495 to 450.

2. The price of pork increased from ₱240.00 to ₱280.00. Because of this, Mrs.
Cruz, a cafeteria owner, decided to offer more chicken dishes than pork
dishes. Her demand for chicken increases to 50 kilos per week from 35 kilos
before the price increase of pork.

3. Like other children, Mr. Santos’ daughters also love ice cream. Mr. Santos
bought half gallon of ice cream for them every pay day (15th and 30th of the
month). Last month, Mr. Santos got promoted in his job. With this, an
additional salary of ₱5,000.00 was added to his ₱20,000 basic salary. Now,
he can buy 2 half gallons of differently flavored ice cream every pay day.

Additional Activities

Answer the following questions:

1. If you are the seller will you increase the price of your product instantly if it
is price elastic? Explain you answer briefly.
___________________________________________________________________________
___________________________________________________________________________
_______________________________________

2. What if the product is price inelastic, how will this affect your decision in
setting price?
___________________________________________________________________________
___________________________________________________________________________
_______________________________________

3. Is elasticity important in the analysis of the market? Why?

___________________________________________________________________________
___________________________________________________________________________
_______________________________________

20
 21
What I Know: What’s In:
What’s New:
1. B 1. Decrease
2. Increase Answers may vary
2. C
3. Decrease depending on the
3. B
4. Decrease student.
4. A
5. B 5. Increase
6. Decrease
6. C
7. Decrease
7. D
8. Increase
8. B 9. Increase
9. B 10. Decrease
10. B 11. Increase
11. C 12. Increase
12. B 13. Decrease
13. C 14. Decrease
14. C 15. Increase
15. D
What’s More:
1.
(325-350)/350
ep
(125 –
=
100)/100
4.
-0.07
ep (220 - 250)/250 =
0.25
= (180 – 165)/165
ep 0.28 (Inelastic)
-0.12
= =
0.09
2.
ep 1.3 (Elastic)
(305 -
=
ep 325)/325
5.
= (140 –
ep (200 - 220)/220
125)/125
= (190 – 180)/180
-0.06
-0.09 =
= 0.12
0.06
ep 0.5 (Inelastic)
ep 1.5 (Elastic)
=
=
3.
ep (270 - 305)/305
= (160 – 140)/140
-0.11
=
0.14
ep 0.79 (Inelastic)
=
Answer Key
 22
What I have learned:
1. B 6. B 11. B
2. C 7. C 12. C
3. A 8. C 13. B
4. B 9. A 14. A
5. A 10. B 15. A
What I Can Do:
Set A.
The graph shows a straight vertical line which means that at different price
the quantity remains the same. It shows a perfectly inelastic curve.
Set B.
The graph sows a flatter curve than a normal demand curve. It means that the
change in quantity is greater than the change in price. It shows an elastic demand
curve.
 23
Assessment:
1. Given: P1 = 120 P2 = 120 + 8 % = 129.60 Q1 = 495 Q2 = 450
(450 – 495)/495
ep = (129.60 –
120)/120
-0.09
0.08
ep = 1.125
2. Given: P1A = 240 P2A = 280 Q1B = 35 Q2B = 50
(50 – 35)/35
ec = (280 –
240)/240
0.43
0.17
ec = 2.53
3. Given: Y1 = 20,000 Y2 = 25,000 Q1 = 2 Q2 = 4
(4 – 2)/2
ey =
(25,000 – 20,000)/20,000
-0.09
0.08
ey = 1.125
Additional Activities:
Answers may vary depending on the students
References
Edilberto B. Viray Jr. and Jesusa Avila-Bato, 2018. Applied Economics.
Mandaluyong City, Philippines: Anvil Publishing, Inc

Roman D. Leano, Applied Economics for Senior High School. Intramuros, Manila:
MindShapers Co. Inc.

DepEd (2016), K to 12 Curriculum Guide. Applied Economics

24
For inquiries or feedback, please write or call:

Department of Education – Region III,

Schools Division of Bataan - Curriculum Implementation Division
Learning Resources Management and Development Section (LRMDS)

Provincial Capitol Compound, Balanga City, Bataan

Telefax: (047) 237-2102

Email Address: [email protected]