1735:, published in 1890. Alfred Marshall invented price elasticity of demand only four years after he had invented the concept of elasticity. He used Cournot's basic creating of the demand curve to get the equation for price elasticity of demand. He described price elasticity of demand as thus: "And we may say generally:— the elasticity (or responsiveness) of demand in a market is great or small according as the amount demanded increases much or little for a given fall in price, and diminishes much or little for a given rise in price". He reasons this since "the only universal law as to a person's desire for a commodity is that it diminishes ... but this diminution may be slow or rapid. If it is slow... a small fall in price will cause a comparatively large increase in his purchases. But if it is rapid, a small fall in price will cause only a very small increase in his purchases. In the former case... the elasticity of his wants, we may say, is great. In the latter case... the elasticity of his demand is small." Mathematically, the Marshallian PED was based on a point-price definition, using differential calculus to calculate elasticities.
2357:
332:
demand is inelastic, the good's demand is relatively insensitive to price, with quantity changing less than price. If demand is unitary elastic, the quantity falls by exactly the percentage that the price rises. Two important special cases are perfectly elastic demand (= ∞), where even a small rise in price reduces the quantity demanded to zero; and perfectly inelastic demand (= 0), where a rise in price leaves the quantity unchanged. The above measure of elasticity is sometimes referred to as the
2546:
2451:= 0), changes in the price do not affect the quantity demanded for the good; raising prices will always cause total revenue to increase. Goods necessary to survival can be classified here; a rational person will be willing to pay anything for a good if the alternative is death. For example, a person in the desert weak and dying of thirst would easily give all the money in his wallet, no matter how much, for a bottle of water if he would otherwise die. His demand is not contingent on the price.
6827:
6311:
2427:
be. Elasticity provides the answer: The percentage change in total revenue is approximately equal to the percentage change in quantity demanded plus the percentage change in price. (One change will be positive, the other negative.) The percentage change in quantity is related to the percentage change in price by elasticity: hence the percentage change in revenue can be calculated by knowing the elasticity and the percentage change in price alone.
6300:
6815:
1001:
2228:
2571:, by definition consumers have an infinite ability to switch to alternatives if the price increases, so they would stop buying the good or service in question completely—quantity demanded would fall to zero. As a result, firms cannot pass on any part of the tax by raising prices, so they would be forced to pay all of it themselves.
1707:
79:), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other
2567:, by definition consumers have no alternative to purchasing the good or service if the price increases, so the quantity demanded would remain constant. Hence, suppliers can increase the price by the full amount of the tax, and the consumer would end up paying the entirety. In the opposite case, when demand is
747:
3463:
Though elasticities for most demand schedules vary depending on price, they can be modeled assuming constant elasticity. Using this method, the elasticities for various goods—intended to act as examples of the theory described above—are as follows. For suggestions on why these goods and services may
1762:
The broader the definition of a good (or service), the lower the elasticity. For example, Company X's fish and chips would tend to have a relatively high elasticity of demand if a significant number of substitutes are available, whereas food in general would have an extremely low elasticity of demand
722:
Arc elasticity was introduced very early on by Hugh Dalton. It is very similar to an ordinary elasticity problem, but it adds in the index number problem. Arc
Elasticity is a second solution to the asymmetry problem of having an elasticity dependent on which of the two given points on a demand curve
306:
is how much it changed. In other words, we can say that the price elasticity of demand is the percentage change in demand for a commodity due to a given percentage change in the price. If the quantity demanded falls 20 tons from an initial 200 tons after the price rises $ 5 from an initial price of $
323:
goods. Since the price elasticity of demand is negative for the vast majority of goods and services (unlike most other elasticities, which take both positive and negative values depending on the good), economists often leave off the word "negative" or the minus sign and refer to the price elasticity
2426:
For inelastic goods, because of the inverse nature of the relationship between price and quantity demanded (i.e., the law of demand), the two effects affect total revenue in opposite directions. But in determining whether to increase or decrease prices, a firm needs to know what the net effect will
1786:
For most goods, the longer a price change holds, the higher the elasticity is likely to be, as more and more consumers find they have the time and inclination to search for substitutes. When fuel prices increase suddenly, for instance, consumers may still fill up their empty tanks in the short run,
1769:
The higher the percentage of the consumer's income that the product's price represents, the higher the elasticity tends to be, as people will pay more attention when purchasing the good because of its cost; The income effect is substantial. When the goods represent only a negligible portion of the
1019:
The point elasticity of demand method is used to determine change in demand within the same demand curve, basically a very small amount of change in demand is measured through point elasticity. One way to avoid the accuracy problem described above is to minimize the difference between the starting
90:
Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign.
1743:
The overriding factor in determining the elasticity is the willingness and ability of consumers after a price change to postpone immediate consumption decisions concerning the good and to search for substitutes ("wait and look"). A number of factors can thus affect the elasticity of demand for a
331:
Depending on its elasticity, a good is said to have elastic demand (> 1), inelastic demand (< 1), or unitary elastic demand (= 1). If demand is elastic, the quantity demanded is very sensitive to price, e.g. when a 1% rise in price generates a 10% decrease in quantity. If
2615:
If one point elasticity is used to model demand changes over a finite range of prices, elasticity is implicitly assumed constant with respect to price over the finite price range. The equation defining price elasticity for one product can be rewritten (omitting secondary variables) as a linear
570:
between any two values depends on which one is chosen as the starting value and which as the ending value. For example, suppose that when the price rises from $ 10 to $ 16, the quantity falls from 100 units to 80. This is a price increase of 60% and a quantity decline of 20%, an elasticity of
2360:
A set of graphs shows the relationship between demand and revenue (PQ) for the specific case of a linear demand curve. As price decreases in the elastic range, the revenue increases, but in the inelastic range, revenue falls. Revenue is highest at the quantity where the elasticity equals
2341:
On a graph with both a demand curve and a marginal revenue curve, demand will be elastic at all quantities where marginal revenue is positive. Demand is unit elastic at the quantity where marginal revenue is zero. Demand is inelastic at every quantity where marginal revenue is negative.
2066:
111:
when the elasticity is greater than one. A good with an elasticity of −2 has elastic demand because quantity demanded falls twice as much as the price increase; an elasticity of −0.5 has inelastic demand because the change in quantity demanded change is half of the price increase.
3122:
Constant elasticities can predict optimal pricing only by computing point elasticities at several points, to determine the price at which point elasticity equals −1 (or, for multiple products, the set of prices at which the point elasticity matrix is the negative identity matrix).
1755:
available, the higher the elasticity is likely to be, as people can easily switch from one good to another if an even minor price change is made; There is a strong substitution effect. If no close substitutes are available, the substitution effect will be small and the demand
2058:
2521:), any increase in the price, no matter how small, will cause the quantity demanded for the good to drop to zero. Hence, when the price is raised, the total revenue falls to zero. This situation is typical for goods that have their value defined by law (such as
1006:
This method for computing the price elasticity is also known as the "midpoints formula", because the average price and average quantity are the coordinates of the midpoint of the straight line between the two given points. This formula is an application of the
336:
elasticity of demand for a good, i.e., the elasticity of demand with respect to the good's own price, in order to distinguish it from the elasticity of demand for that good with respect to the change in the price of some other good, i.e., an independent,
1505:
1011:. However, because this formula implicitly assumes the section of the demand curve between those points is linear, the greater the curvature of the actual demand curve is over that range, the worse this approximation of its elasticity will be.
310:
The price elasticity of demand is ordinarily negative because quantity demanded falls when price rises, as described by the "law of demand". Two rare classes of goods which have elasticity greater than 0 (consumers buy more if the price is
2336:
3422:
996:{\displaystyle E_{d}={\frac {\left({\frac {P_{1}+P_{2}}{2}}\right)}{\left({\frac {Q_{d_{1}}+Q_{d_{2}}}{2}}\right)}}\times {\frac {\Delta Q_{d}}{\Delta P}}={\frac {P_{1}+P_{2}}{Q_{d_{1}}+Q_{d_{2}}}}\times {\frac {\Delta Q_{d}}{\Delta P}}}
2525:); if a five-dollar bill were sold for anything more than five dollars, nobody would buy it , so demand is zero (assuming that the bill does not have a misprint or something else which would cause it to have its own inherent value).
1110:
3034:
436:
As the size of the price change gets bigger, the elasticity definition becomes less reliable for a combination of two reasons. First, a good's elasticity is not necessarily constant; it varies at different points along the
3447:
Various research methods are used to calculate the price elasticities in real life, including analysis of historic sales data, both public and private, and use of present-day surveys of customers' preferences to build up
2536:
necessarily constant over all price ranges. The linear demand curve in the accompanying diagram illustrates that changes in price also change the elasticity: the price elasticity is different at every point on the curve.
2223:{\displaystyle E_{d}={\dfrac {\partial Q}{\partial P}}\cdot {\dfrac {P}{Q}}\Rightarrow E_{d}\cdot {\frac {Q}{P}}={\frac {\partial Q}{\partial P}}\Rightarrow {\frac {P}{E_{d}\cdot Q}}={\frac {\partial P}{\partial Q}}}
2594:
proportion of the tax burden. In the end the whole tax burden is carried by individual households since they are the ultimate owners of the means of production that the firm utilises (see
Circular flow of income).
215:
2598:
PED and PES can also have an effect on the deadweight loss associated with a tax regime. When PED, PES or both are inelastic, the deadweight loss is lower than a comparable scenario with higher elasticity.
2886:
1914:
445:, the price elasticity is not constant even along a linear demand curve, but rather varies along the curve. A linear demand curve's slope is constant, to be sure, but the elasticity can change even if
1161:
632:
for that part of the demand curve. If the price falls from $ 16 to $ 10 and the quantity rises from 80 units to 100, however, the price decline is 37.5% and the quantity gain is 25%, an elasticity of
3284:
1951:
731:
of the two quantities, rather than just the change relative to one point or the other. Loosely speaking, this gives an "average" elasticity for the section of the actual demand curve—i.e., the
432:
5636:
1470:
1404:
630:
142:
of the percentage change in quantity demanded to the percentage change in price of particular commodity. The formula for the coefficient of price elasticity of demand for a good is:
1360:
2404:
1702:{\displaystyle E_{x_{\ell },p_{k}}={\frac {\partial x_{\ell }(p,w)}{\partial p_{k}}}\cdot {\frac {p_{k}}{x_{\ell }(p,w)}}={\frac {\partial \log x_{\ell }(p,w)}{\partial \log p_{k}}}}
691:
3427:
Excel models are available that compute constant elasticity, and use non-constant elasticity to estimate prices that optimize revenue or profit for one product or several products.
2741:
4699:
Lehner, S.; Peer, S. (2019), The price elasticity of parking: A meta-analysis, Transportation
Research Part A: Policy and Practice, Volume 121, March 2019, pages 177−191" web|url=
1301:
2416:
For inelastic goods, an increase in unit price will tend to increase revenue, while a decrease in price will tend to decrease revenue. (The effect is reversed for elastic goods.)
1718:
1426:
477:
2661:
4265:
107:
when the elasticity is less than one in absolute value: that is, changes in price have a relatively small effect on the quantity demanded. Demand for a good is said to be
1261:
3460:, under conditions of preference independence. This approach has been empirically validated using bundles of goods (e.g. food, healthcare, education, recreation, etc.).
2563:
can be used to assess where the incidence (or "burden") of a per-unit tax is falling or to predict where it will fall if the tax is imposed. For example, when demand is
1218:
521:
3061:
3435:
In most situations, such as those with nonzero variable costs, revenue-maximizing prices are not profit-maximizing prices. For these situations, using a technique for
304:
261:
4290:
3181:
3097:
1799:
such as the cars themselves, however; eventually, it may become necessary for consumers to replace their present cars, so one would expect demand to be less elastic.
3295:
2912:
2365:
A firm considering a price change must know what effect the change in price will have on total revenue. Revenue is simply the product of unit price times quantity:
1497:
71:
2529:
Hence, as the accompanying diagram shows, total revenue is maximized at the combination of price and quantity demanded where the elasticity of demand is unitary.
3201:
3149:
3117:
2805:
2785:
2761:
2467:< 0), the percentage change in quantity demanded is smaller than that in price. Hence, when the price is raised, the total revenue increases, and vice versa.
2236:
561:
541:
281:
238:
6719:
1034:
4539:
Algunaibet, Ibrahim; Matar, Walid (2018). "The responsiveness of fuel demand to gasoline price change in passenger transport: a case study of Saudi Arabia".
4427:
3456:(a ranking of users' preferences which can then be statistically analysed) may be used. Approximate estimates of price elasticity can be calculated from the
2499:< −1), the percentage change in quantity demanded is greater than that in price. Hence, when the price is raised, the total revenue falls, and vice versa.
2917:
4958:
Brownell, Kelly D.; Farley, Thomas; Willett, Walter C.; Popkin, Barry M.; Chaloupka, Frank J.; Thompson, Joseph W.; Ludwig, David S. (15 October 2009).
3067:
This form of the equations shows that point elasticities assumed constant over a price range cannot determine what prices generate maximum values of
2586:
the demand compared to supply, the heavier the burden on consumers. The general principle is that the party (i.e., consumers or producers) that has
4103:
1815:
Where the purchaser does not directly pay for the good they consume, such as with corporate expense accounts, demand is likely to be more inelastic.
5651:
1763:
because no substitutes exist. Specific foodstuffs (ice cream, meat, spinach) or families of them (dairy, meat, sea products) may be more elastic.
2578:
elastic or relatively inelastic, that is, somewhere between the extreme cases of perfect elasticity or inelasticity. More generally, then, the
3063:
are constants; and appearance of a letter index as both an upper index and a lower index in the same term implies summation over that index.
148:
328:
terms). They will say "Yachts have an elasticity of two" meaning the elasticity is −2. This is a common source of confusion for students.
1837:. This is because consumers treat such goods as necessities and hence are forced to purchase them, despite even significant price changes.
1809:—either out of tradition or because of proprietary barriers—can override sensitivity to price changes, resulting in more inelastic demand.
75:) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good (
6744:
6657:
4352:"Relationship between the Uncompensated Price Elasticity and the Income Elasticity of Demand under Conditions of Additive Preferences"
6181:
2422:
An increase in unit price will tend to lead to fewer units sold, while a decrease in unit price will tend to lead to more units sold.
4316:
6689:
6380:
5680:
2813:
4269:
1776:
The more necessary a good is, the lower the elasticity, as people will attempt to buy it no matter the price, such as the case of
4813:
723:
is chosen as the "original" point will and which as the "new" one is to compute the percentage change in P and Q relative to the
2483:= −1), the percentage change in quantity demanded is equal to that in price, so a change in price will not affect total revenue.
1118:
138:
The variation in demand in response to a variation in price is called price elasticity of demand. It may also be defined as the
2053:{\displaystyle R'={\frac {\partial R}{\partial Q}}={\frac {\partial }{\partial Q}}(P\,Q)=P+Q\,{\frac {\partial P}{\partial Q}}}
118:
Revenue is maximized when price is set so that the elasticity is exactly one. The good's elasticity can be used to predict the
1852:
5612:
5584:
5563:
5537:
5509:
5481:
5460:
5439:
5413:
5392:
5373:
5354:
5335:
5316:
5297:
5268:
5238:
5212:
5191:
5163:
5142:
5123:
5102:
5083:
5029:
4948:
4922:
3209:
441:
because a 1% change in price has a quantity effect that may depend on whether the initial price is high or low. Contrary to
6347:
352:. If a 1% rise in the price of gasoline causes a 0.5% fall in the quantity of cars demanded, the cross-price elasticity is
4294:
2549:
When demand is more inelastic than supply, consumers will bear a greater proportion of the tax burden than producers will.
700:
Two refinements of the definition of elasticity are used to deal with these shortcomings of the basic elasticity formula:
6749:
3776:
6819:
1731:
1028:
to calculate the elasticity for an infinitesimal change in price and quantity at any given point on the demand curve:
355:
6641:
3812:
6395:
4461:
Chaloupka, Frank J.; Grossman, Michael; Saffer, Henry (2002); Hogarty and
Elzinga (1972) cited by Douglas (1993).
346:
307:
100, then the quantity demanded has fallen 10% and the price has risen 5%, so the elasticity is (−10%)/(+5%) = −2.
127:
4754:
4431:
1431:
1365:
574:
6851:
6790:
6724:
4490:
2435:
1787:
but when prices remain high over several years, more consumers will reduce their demand for fuel by switching to
6739:
5641:
2607:
Among the most common applications of price elasticity is to determine prices that maximize revenue or profit.
4780:"Price and Income Elasticity of Demand for Broadband Subscriptions: A Cross-Sectional Model of OECD Countries"
1306:
2371:
635:
442:
1115:
In other words, it is equal to the absolute value of the first derivative of quantity with respect to price
5872:
5673:
5250:
Estimates of the Price
Elasticity of Demand for Casino Gaming and the Potential Effects of Casino Tax Hikes
2672:
3131:
If the definition of price elasticity is extended to yield a quadratic relationship between demand units (
1269:
694:
6764:
6754:
6667:
6573:
6166:
6118:
5806:
3747:
3457:
1792:
1409:
84:
28:
20:
5002:
4107:
3798:
567:
479:
is constant. There does exist a nonlinear shape of demand curve along which the elasticity is constant:
6636:
5828:
5816:
5801:
3752:
3742:
2560:
741:, in this case with respect to the price of the good. The arc elasticity is defined mathematically as:
448:
35:
24:
6546:
6370:
6246:
5771:
5722:
2622:
1721:
The illustration that accompanied
Marshall's original definition of elasticity, the ratio of PT to Pt
1266:
In terms of partial-differential calculus, point elasticity of demand can be defined as follows: let
2582:
the elasticity of demand compared to PES, the heavier the burden on producers; conversely, the more
6551:
6340:
5912:
5781:
4779:
4657:
4606:
6493:
6314:
6211:
6206:
6156:
6029:
5907:
5666:
1825:
in nature tend to have an inelastic PED (absolute value of PED < 1). Examples of such include
1223:
1181:
482:
6662:
6620:
6615:
6498:
6375:
6231:
6191:
6186:
5968:
5939:
5796:
5718:
5201:
Gwartney, James D.; Stroup, Richard L.; Sobel, Russell S.; David MacPherson (14 January 2008).
3039:
2517:
80:
3863:
Gwartney, Yaw Bugyei-Kyei.James D.; Stroup, Richard L.; Sobel, Russell S. (2008). p. 425.
3417:{\displaystyle LQ_{\ell }=K_{\ell }+E1_{\ell ,k}\times LP^{k}+E2_{\ell ,k}\times (LP^{k})^{2}}
286:
243:
6729:
6593:
6432:
6176:
6161:
5877:
1025:
115:
At an elasticity of 0 consumption would not change at all, in spite of any price increases.
5258:
3154:
3070:
2430:
As a result, the relationship between elasticity and revenue can be described for any good:
6759:
6714:
6682:
6677:
6603:
6578:
6534:
6226:
6146:
6078:
5993:
5887:
5823:
4505:
4373:
4190:
2897:
1475:
49:
2331:{\displaystyle R'=P+Q\cdot {\frac {P}{E_{d}\cdot Q}}=P\,\left(1+{\frac {1}{E_{d}}}\right)}
8:
6830:
6608:
6439:
6390:
6333:
6241:
6068:
5917:
5860:
5703:
3436:
2356:
1105:{\displaystyle E_{d}={\frac {\mathrm {d} Q_{d}}{\mathrm {d} P}}\times {\frac {P}{Q_{d}}}}
122:
on that good. Various research methods are used to determine price elasticity, including
4509:
4470:
Pindyck; Rubinfeld (2001). p. 381.; Steven
Morrison in Duetsch (1993), p. 231.
4377:
3541:−0.085 to −0.13 (non-linear with price change in the short-run for Saudi Arabia in 2013)
6734:
6672:
6460:
6449:
6427:
6422:
6411:
6151:
6097:
6024:
5934:
5892:
5882:
5850:
5845:
5791:
5786:
5057:
5040:
4984:
4959:
4889:
4630:
4556:
4521:
4404:
4363:
4351:
3449:
3186:
3134:
3102:
2790:
2770:
2746:
2351:
546:
526:
338:
266:
223:
123:
4817:
3464:
have the elasticity shown, see the above section on determinants of price elasticity.
6709:
6583:
6476:
6385:
6284:
6272:
6251:
6221:
6083:
6007:
5963:
5608:
5580:
5559:
5533:
5505:
5477:
5456:
5435:
5409:
5388:
5369:
5350:
5331:
5312:
5293:
5285:
5264:
5234:
5208:
5187:
5181:
5159:
5138:
5119:
5113:
5098:
5079:
5062:
5025:
4989:
4944:
4918:
4893:
4839:
Cleasby, R. C. G.; Ortmann, G. F. (1991). "Demand
Analysis of Eggs in South Africa".
4634:
4560:
4409:
4391:
3808:
3757:
3453:
3029:{\displaystyle k=1,\dotsc ,n,\,\,LQ_{\ell }=\ln(Q_{\ell }),LP^{\ell }=\ln(P^{\ell })}
4525:
6861:
6785:
6780:
6566:
6561:
6444:
6400:
6236:
6216:
6123:
6073:
6044:
5902:
5867:
5764:
5742:
5450:
5052:
4979:
4971:
4879:
4848:
4673:
4622:
4548:
4513:
4399:
4381:
1927:
1796:
119:
4852:
4677:
1020:
and ending prices and quantities. This is the approach taken in the definition of
6856:
6795:
6556:
6304:
5776:
5713:
5602:
5574:
5527:
5499:
5471:
5403:
5202:
5153:
4912:
4386:
3516:
1834:
1752:
1726:
1175:
1008:
342:
4661:
4517:
99:
are two classes of goods which have positive elasticity, rare exceptions to the
6800:
6279:
6019:
5978:
5897:
5689:
5646:
3737:
737:
735:
of the curve—between the two points. As a result, this measure is known as the
717:
325:
4605:
4552:
6845:
6539:
6488:
6201:
6101:
6092:
6063:
6049:
6039:
5983:
5747:
5737:
5727:
4960:"The Public Health and Economic Benefits of Taxing Sugar-Sweetened Beverages"
4395:
3804:
2554:
2522:
1806:
1174:). However, the point elasticity can be computed only if the formula for the
100:
76:
4700:
6588:
6171:
6003:
5998:
5732:
5066:
4993:
4975:
4413:
3665:
438:
5041:"The effects of price on alcohol consumption and alcohol-related problems"
4611:"Per un pugno di dollari: A first look at the price elasticity of patents"
4610:
4058:
Schumpeter, Joseph Alois; Schumpeter, Elizabeth Boody (1994). p. 959.
2590:
opportunities to avoid the tax by switching to alternatives will bear the
6471:
6196:
6108:
5988:
5840:
5754:
4626:
320:
316:
96:
92:
83:
measure how the quantity demanded changes with other variables (e.g. the
4755:"Valuing the Effect of Regulation on New Services in Telecommunications"
4711:
Davis, A.; Nichols, M. (2013), The Price
Elasticity of Marijuana Demand"
2545:
6356:
5956:
5708:
4884:
4867:
3569:
210:{\displaystyle E_{\langle P\rangle }={\frac {\Delta Q/Q}{\Delta P/P}}}
6526:
6267:
6034:
5951:
5946:
5759:
4720:
Brownell, Kelly D.; Farley, Thomas; Willett, Walter C. et al. (2009).
3658:
1826:
1822:
4599:
1770:
budget the income effect will be insignificant and demand inelastic,
6598:
6521:
6482:
6059:
6054:
5929:
5200:
4868:"Tuition Fees and University Enrolment: A Meta-Regression Analysis"
4641:
4491:"Demand for gasoline is more price-inelastic than commonly thought"
4368:
1725:
Together with the concept of an economic "elasticity" coefficient,
19:"Elasticity of demand" redirects here. For income elasticity, see
6113:
6012:
5924:
5658:
4596:
Goldman and
Grossman (1978) cited in Feldstein (1999), p. 99
4127:
4125:
3151:) and price, then it is possible to compute prices that maximize
1788:
1777:
4061:
3203:, and revenue. The fundamental equation for one product becomes
6503:
6299:
6088:
3430:
1830:
1717:
5470:
Schumpeter, Joseph Alois; Schumpeter, Elizabeth Boody (1994).
5179:
5039:
Chaloupka, Frank J.; Grossman, Michael; Saffer, Henry (2002).
4122:
3126:
6325:
5973:
5855:
5835:
3099:; similarly they cannot predict prices that generate maximum
2881:{\displaystyle LQ_{\ell }=K_{\ell }+E_{\ell ,k}\times LP^{k}}
1791:
or public transportation, investing in vehicles with greater
139:
3289:
and the corresponding equation for several products becomes
6130:
4957:
4866:
Havranek, Tomas; Irsova, Zuzana; Zeynalova, Olesia (2018).
566:
Second, percentage changes are not symmetric; instead, the
34:"Price elasticity" redirects here. Not to be confused with
4587:
Heilbrun and Gray (1993, p. 94) cited in Vogel (2001)
2610:
1156:{\displaystyle {\frac {\mathrm {d} Q_{d}}{\mathrm {d} P}}}
693:
for the same part of the curve. This is an example of the
5637:
A Lesson on Elasticity in Four Parts, Youtube, Jodi Beggs
5345:
Parkin, Michael; Powell, Melanie; Matthews, Kent (2002).
5306:
4690:
Goodwin; Nelson; Ackerman; Weisskopf (2009). p. 124.
4291:"Pricing Tests and Price Elasticity for several products"
4222:
Goodwin, Nelson, Ackerman & Weisskopf (2009). p. 122.
4428:"Constant Elasticity Demand and Supply Curves (Q=A*P^c)"
1909:{\displaystyle R'=P\,\left(1+{\dfrac {1}{E_{d}}}\right)}
5038:
4865:
4464:
6720:
International Conference on Population and Development
5429:
5284:
5118:(3rd ed.). Homewood, Illinois: Richard D. Irwin.
4740:
4738:
4489:
Havranek, Tomas; Irsova, Zuzana; Janda, Karel (2012).
3279:{\displaystyle LQ=K+E_{1}\times LP+E_{2}\times LP^{2}}
2409:
Generally, any change in price will have two effects:
1729:
is credited with defining "elasticity of demand" in
1362:
as a function of parameters price and wealth, and let
5434:(3rd ed.). Glenview, Illinois: Scott, Foresman.
5366:
Microeconomic Theory & Applications with Calculus
4255:
Wall, Stuart; Griffiths, Alan (2008). pp. 57–58.
3974:
Wall, Stuart; Griffiths, Alan (2008). pp. 53–54.
3298:
3212:
3189:
3157:
3137:
3105:
3073:
3042:
2920:
2900:
2816:
2793:
2773:
2749:
2675:
2625:
2374:
2239:
2109:
2084:
2069:
1954:
1883:
1855:
1508:
1478:
1435:
1434:
1413:
1412:
1369:
1368:
1309:
1273:
1272:
1226:
1184:
1121:
1037:
750:
638:
577:
549:
529:
485:
451:
358:
289:
269:
246:
226:
151:
52:
5469:
5344:
5001:
Browning, Edgar K.; Browning, Jacquelene M. (1992).
4266:"Pricing Tests and Price Elasticity for one product"
1220:, is known so its derivative with respect to price,
4744:
Barnett and Crandall in Duetsch (1993), p. 147
4735:
4488:
4317:"Empirical Estimation of Demand: Top 10 Techniques"
4191:"AP Microeconomics Review: Elasticity Coefficients"
3452:capable of modelling such changes. Alternatively,
4816:. Agriculture and Agri-Food Canada. Archived from
4662:"On the price elasticity of demand for trademarks"
4609:; van Pottelsberghe de la Potterie, Bruno (2007).
4131:Goodwin, Nelson, Ackerman, & Weisskopf (2009).
3982:
3980:
3416:
3278:
3195:
3175:
3143:
3111:
3091:
3055:
3028:
2906:
2880:
2799:
2779:
2767:Similarly, the equations for cross elasticity for
2755:
2735:
2655:
2398:
2330:
2222:
2052:
1908:
1701:
1491:
1464:
1420:
1398:
1354:
1295:
1255:
1212:
1155:
1104:
995:
685:
624:
555:
535:
515:
471:
426:
298:
283:is the initial quantity of the good demanded, and
275:
255:
232:
209:
65:
5652:Approx. PED of Various Home-Consumed Foods (U.K.)
5448:
5307:McConnell, Campbell R.; Brue, Stanley L. (1990).
4574:
4572:
4570:
1795:or taking other measures. This does not hold for
6843:
5382:
5000:
427:{\displaystyle E_{cg}^{d}=(-0.5\%)/(+1\%)=-0.5.}
5288:; Winston, Michael D.; Green, Jerry R. (1995).
5097:(5th ed.). Albany, NY: Delmar Publishers.
4538:
4479:Richard T. Rogers in Duetsch (1993), p. 6.
4083:Parkin; Powell; Matthews (2002). pp. 77–9.
3977:
3839:Parkin; Powell; Matthews (2002). pp. 74–5.
3777:"Price elasticity of demand | Economics Online"
1841:
345:. That two-good type of elasticity is called a
4838:
4656:
4567:
4151:
4149:
3442:
6341:
5674:
5572:
5326:Negbennebor (2001). "The Freedom to Choose".
5309:Economics: Principles, Problems, and Policies
5180:Goodwin; Nelson; Ackerman; Weisskopf (2009).
4938:
4239:
4237:
3859:
3857:
3847:
3845:
5558:(5th ed.). Cambridge University Press.
5228:
3929:Parkin; Powell; Matthews (2002). p .75.
3866:
3431:Limitations of revenue-maximizing strategies
1465:{\displaystyle \displaystyle x_{\ell }(p,w)}
1399:{\displaystyle \displaystyle x_{\ell }(p,w)}
625:{\displaystyle (-20\%)/(+60\%)\approx -0.33}
163:
157:
6745:United Nations world population conferences
5325:
4872:Oxford Bulletin of Economics and Statistics
4728:
4726:
4314:
4146:
4097:
4095:
4093:
4091:
4089:
4007:
3958:
3956:
3925:
3923:
3127:Non-constant elasticity and optimal pricing
2559:Demand elasticity, in combination with the
2345:
240:is the initial price of the good demanded,
6658:Population and housing censuses by country
6348:
6334:
5681:
5667:
4446:
4283:
4258:
4234:
4163:
4161:
3854:
3842:
2540:
2434:When the price elasticity of demand for a
5430:Ruffin, Roy J.; Gregory, Paul R. (1988).
5151:
5092:
5056:
4983:
4883:
4701:https://doi.org/10.1016/j.tra.2019.01.014
4403:
4385:
4367:
4349:
4251:
4249:
4079:
4077:
4075:
4073:
3950:Ruffin; Gregory (1988). pp. 518–519.
3946:
3944:
2946:
2945:
2574:In practice, demand is likely to be only
2294:
2029:
2010:
1870:
6381:Estimates of historical world population
5642:Price Elasticity Models and Optimization
5311:(11th ed.). New York: McGraw-Hill.
5256:
5111:
5019:
4723:
4175:
4173:
4139:
4137:
4086:
3986:McConnell;Brue (1990). pp. 434–435.
3962:Ferguson, C.E. (1972). pp. 100–101.
3953:
3920:
3796:
2544:
2355:
1716:
1355:{\displaystyle x_{1},x_{2},\dots ,x_{L}}
324:of demand as a positive value (i.e., in
126:, analysis of historical sales data and
5601:Wessels, Walter J. (1 September 2000).
5600:
5363:
5247:
5078:. Englewood Cliffs, NJ: Prentice Hall.
5073:
4158:
4013:Wessels, Walter J. (2000). p. 296.
3970:
3968:
3826:
3824:
2611:Constant elasticity and optimal pricing
2502:When the price elasticity of demand is
2486:When the price elasticity of demand is
2470:When the price elasticity of demand is
2454:When the price elasticity of demand is
2399:{\displaystyle {\text{Revenue}}=PQ_{d}}
686:{\displaystyle (+25\%)/(-37.5\%)=-0.67}
6844:
5647:Approx. PED of Various Products (U.S.)
5573:Wall, Stuart; Griffiths, Alan (2008).
5525:
5497:
4910:
4814:"Profile of The Canadian Egg Industry"
4246:
4070:
3998:
3941:
3620:−0.25 to −0.40 (international market)
3487:−0.3 or −0.7 to −0.9 as of 1972 (beer)
6329:
5662:
5576:Economics for Business and Management
5553:
5292:. New York: Oxford University Press.
5132:
5004:Microeconomic Theory and Applications
4911:Arnold, Roger A. (17 December 2008).
4803:Krugman and Wells (2009) p. 147.
4170:
4155:Gillespie, Andrew (2007). p. 48.
4134:
3917:Economics, Tenth edition, John Sloman
3872:Gillespie, Andrew (2007). p. 57.
3851:Gillespie, Andrew (2007). p. 43.
3800:Microeconomic theory and applications
3554:live performing arts (theater, etc.)
2736:{\displaystyle LQ=\ln(Q),LP=\ln(P),E}
6814:
5263:. Library of Economics and Liberty.
5204:Economics: Private and Public Choice
4732:Ayers; Collinge (2003). p. 120.
4188:
3995:Ferguson, C.E. (1972). p. 101n.
3965:
3908:McConnell; Brue (1990). p. 436.
3881:Ruffin; Gregory (1988). p. 524.
3821:
3467:
2787:products can be written as a set of
1428:. The elasticity of demand for good
1296:{\displaystyle \displaystyle x(p,w)}
6750:Voluntary Human Extinction Movement
5526:Taylor, John B. (1 February 2006).
5401:
4101:
3938:McConnell; Brue (1990). p. 437
3899:Ruffin; Gregory (1988). p. 520
3890:Ferguson, C.E. (1972). p. 106.
1421:{\displaystyle \displaystyle \ell }
1014:
13:
6237:Microfoundations of macroeconomics
5688:
5152:Gillespie, Andrew (1 March 2007).
4049:Marshall, Alfred (1890). III.IV.1.
4040:Marshall, Alfred (1890). III.IV.2.
4022:Mas-Colell; Winston; Green (1995).
2602:
2211:
2203:
2160:
2152:
2095:
2087:
2041:
2033:
1995:
1991:
1977:
1969:
1677:
1641:
1575:
1545:
1143:
1126:
1072:
1055:
984:
969:
883:
868:
668:
648:
607:
587:
463:
452:
409:
389:
290:
247:
190:
174:
103:. Demand for a good is said to be
14:
6873:
6642:Population and Development Review
5630:
5579:. Financial Times Prentice Hall.
5504:. Financial Times Prentice Hall.
4350:Sabatelli, Lorenzo (2016-03-21).
4340:Png, Ivan (1999). pp. 79–80.
1163:multiplied by the point's price (
711:
472:{\displaystyle \Delta P/\Delta Q}
6826:
6825:
6813:
6690:Population concern organizations
6396:Projections of population growth
6310:
6309:
6298:
5556:Entertainment Industry Economics
4615:Oxford Review of Economic Policy
4231:Gillespie, Andrew (2002). p. 51.
4179:Png, Ivan (1999). pp. 62–3.
4031:Taylor, John (2006). p. 93.
4004:Sloman, John (2006). p. 55.
1748:Availability of substitute goods
120:incidence (or "burden") of a tax
16:Sensitivity of quantity to price
6791:Human impact on the environment
6725:Population Action International
5607:. Barron's Educational Series.
5387:(5th ed.). Prentice-Hall.
5024:(5th ed.). Prentice-Hall.
4964:New England Journal of Medicine
4859:
4832:
4806:
4797:
4772:
4747:
4714:
4705:
4693:
4684:
4650:
4590:
4581:
4532:
4482:
4473:
4455:
4452:Perloff, J. (2008). p. 97.
4420:
4343:
4334:
4308:
4225:
4216:
4207:
4182:
4052:
4043:
4034:
4025:
4016:
3989:
3932:
3911:
3902:
3893:
2807:simultaneous linear equations.
2656:{\displaystyle LQ=K+E\times LP}
1759:Breadth of definition of a good
1738:
6740:United Nations Population Fund
6355:
5455:(17th ed.). McGraw-Hill.
5020:Case, Karl; Fair, Ray (1999).
4213:Krugman, Wells (2009). p. 151.
3884:
3875:
3833:
3790:
3769:
3405:
3388:
3170:
3164:
3086:
3080:
3023:
3010:
2982:
2969:
2724:
2718:
2697:
2691:
2532:Price-elasticity of demand is
2169:
2120:
2014:
2004:
1846:The following equation holds:
1672:
1660:
1629:
1617:
1570:
1558:
1458:
1446:
1392:
1380:
1289:
1277:
1207:
1201:
671:
659:
651:
639:
610:
598:
590:
578:
412:
400:
392:
380:
87:for consumer income changes).
1:
5137:(7th ed.). McGraw-Hill.
5112:Ferguson, Charles E. (1972).
5007:(4th ed.). HarperCollins
4903:
4853:10.1080/03031853.1991.9524200
4678:10.1080/13662716.2019.1591939
4243:Arnold, Roger (2008). p. 385.
3830:Png, Ivan (1989). p. 57.
3507:−1.5 (for pleasure travelers)
1807:attachment to a certain brand
133:
27:. For wealth elasticity, see
5476:(12th ed.). Routledge.
5473:History of economic analysis
5449:Samuelson; Nordhaus (2001).
4387:10.1371/journal.pone.0151390
1842:Relation to marginal revenue
23:. For cross elasticity, see
7:
6765:World Population Foundation
6755:World Population Conference
6668:World population milestones
6182:Civil engineering economics
6167:Statistical decision theory
5807:Income elasticity of demand
5383:Pindyck; Rubinfeld (2001).
5158:. Oxford University Press.
5135:Microeconomics and Behavior
5093:Feldstein, Paul J. (1999).
5045:Alcohol Research and Health
4578:Samuelson; Nordhaus (2001).
4518:10.1016/j.eneco.2011.09.003
4315:Samia Rekhi (16 May 2016).
3797:Browning, Edgar K. (1992).
3748:Income elasticity of demand
3731:
3458:income elasticity of demand
3443:Selected price elasticities
1256:{\displaystyle {dQ_{d}/dP}}
1167:) divided by its quantity (
350:-price elasticity of demand
85:income elasticity of demand
29:Wealth elasticity of demand
21:Income elasticity of demand
10:
6878:
6637:Population and Environment
5817:Price elasticity of supply
5812:Price elasticity of demand
5802:Cross elasticity of demand
5349:. Harlow: Addison-Wesley.
5074:Duetsch, Larry L. (1993).
4189:Reed, Jacob (2016-05-26).
3753:Price elasticity of supply
3743:Cross elasticity of demand
2561:price elasticity of supply
2552:
2349:
1712:
1213:{\displaystyle Q_{d}=f(P)}
727:of the two prices and the
715:
516:{\displaystyle P=aQ^{1/E}}
43:price elasticity of demand
36:Price elasticity of supply
33:
25:Cross elasticity of demand
18:
6809:
6773:
6698:
6650:
6629:
6547:Human population planning
6512:
6458:
6409:
6371:Demographics of the world
6363:
6293:
6260:
6139:
5696:
5257:Marshall, Alfred (1920).
5248:Landers (February 2008).
5183:Microeconomics in Context
4553:10.1007/s12053-018-9628-6
3695:−0.1 (US: household only)
3635:(Ford compact automobile)
3565:−0.31 (medical insurance)
3484:Alcoholic beverages (US)
3056:{\displaystyle K_{\ell }}
2472:unit (or unitary) elastic
263:is how much it changed,
6552:Compulsory sterilization
5873:Income–consumption curve
5186:(2nd ed.). Sharpe.
5155:Foundations of Economics
4939:Ayers; Collinge (2003).
3763:
3638:−0.52 (commuter parking)
2346:Effect on entire revenue
1943:Define Total Revenue as
1751:The more and closer the
543:is a shift constant and
299:{\displaystyle \Delta Q}
256:{\displaystyle \Delta P}
6494:Malthusian growth model
6207:Industrial organization
5432:Principles of Economics
5260:Principles of Economics
5233:(2nd ed.). Worth.
5229:Krugman; Wells (2009).
5022:Principles of Economics
4666:Industry and Innovation
4321:economicsdiscussion.net
2743:is the elasticity, and
2541:Effect on tax incidence
1732:Principles of Economics
1406:be the demand for good
1303:be the demand of goods
1024:elasticity, which uses
6852:Elasticity (economics)
6621:Zero population growth
6616:Sustainable population
6540:Malthusian catastrophe
6499:Overshoot (population)
6376:Demographic transition
5554:Vogel, Harold (2001).
5133:Frank, Robert (2008).
4976:10.1056/NEJMhpr0905723
4658:de Rassenfosse, Gaétan
4607:de Rassenfosse, Gaétan
3654:−0.8 to −1.0 (general)
3476:−0.3 to −0.6 (general)
3418:
3280:
3197:
3177:
3176:{\displaystyle \ln(Q)}
3145:
3113:
3093:
3092:{\displaystyle \ln(Q)}
3057:
3030:
2908:
2882:
2801:
2781:
2757:
2737:
2657:
2550:
2400:
2362:
2332:
2224:
2054:
1910:
1780:for those who need it.
1722:
1703:
1493:
1472:with respect to price
1466:
1422:
1400:
1356:
1297:
1257:
1214:
1157:
1106:
997:
687:
626:
557:
537:
517:
473:
428:
300:
277:
257:
234:
211:
67:
6730:Population Connection
6594:Mere addition paradox
6433:Physiological density
6177:Engineering economics
5772:Cost–benefit analysis
5498:Sloman, John (2006).
5095:Health Care Economics
3714:University education
3628:−0.20 (bus travel US)
3439:is more appropriate.
3419:
3281:
3198:
3178:
3146:
3114:
3094:
3058:
3031:
2909:
2907:{\displaystyle \ell }
2883:
2802:
2782:
2758:
2738:
2658:
2548:
2401:
2359:
2333:
2225:
2055:
1911:
1720:
1704:
1494:
1492:{\displaystyle p_{k}}
1467:
1423:
1401:
1357:
1298:
1263:, can be determined.
1258:
1215:
1158:
1107:
1026:differential calculus
998:
688:
627:
558:
538:
518:
474:
429:
301:
278:
258:
235:
212:
68:
66:{\displaystyle E_{d}}
6760:World Population Day
6715:Church of Euthanasia
6604:Non-identity problem
6579:Political demography
6535:Human overpopulation
5994:Price discrimination
5888:Intertemporal choice
5532:. Cengage Learning.
5405:Managerial Economics
5364:Perloff, J. (2008).
5290:Microeconomic Theory
5207:. Cengage Learning.
5115:Microeconomic Theory
4917:. Cengage Learning.
4627:10.2139/ssrn.1743840
3701:−0.55 (South Africa)
3498:Airline travel (US)
3479:−0.6 to −0.7 (youth)
3296:
3210:
3187:
3155:
3135:
3119:or maximum revenue.
3103:
3071:
3040:
2918:
2898:
2814:
2791:
2771:
2747:
2673:
2623:
2456:relatively inelastic
2372:
2237:
2067:
1952:
1853:
1821:Goods that are more
1766:Percentage of income
1506:
1476:
1432:
1410:
1366:
1307:
1270:
1224:
1182:
1119:
1035:
748:
695:index number problem
636:
575:
563:is the elasticity.
547:
527:
483:
449:
443:common misconception
356:
287:
267:
244:
224:
149:
50:
6609:Reproductive rights
6440:Population dynamics
6391:Population momentum
6305:Business portal
6242:Operations research
6069:Substitution effect
4647:Perloff, J. (2008).
4510:2012EneEc..34..201H
4378:2016PLoSO..1151390S
4067:Negbennebor (2001).
3681:Telecommunications
3546:Cinema visits (US)
3437:Profit maximization
2565:perfectly inelastic
2440:perfectly inelastic
2419:The quantity effect
376:
6735:Population Matters
6450:Population pyramid
6428:Population density
6423:Population decline
5883:Indifference curve
5851:Goods and services
5792:Economies of scope
5787:Economies of scale
5402:Png, Ivan (1999).
5286:Mas-Colell, Andreu
4885:10.1111/obes.12240
4760:. Jerry A. Hausman
4434:on 13 January 2011
4110:on 4 December 2008
3807:. pp. 94–95.
3687:−0.434 (broadband)
3501:−0.3 (first class)
3414:
3276:
3193:
3173:
3141:
3109:
3089:
3053:
3026:
2904:
2878:
2797:
2777:
2753:
2733:
2653:
2551:
2488:relatively elastic
2396:
2363:
2352:Total revenue test
2328:
2220:
2118:
2103:
2050:
1906:
1899:
1723:
1699:
1489:
1462:
1461:
1418:
1417:
1396:
1395:
1352:
1293:
1292:
1253:
1210:
1153:
1102:
993:
683:
622:
553:
533:
513:
469:
424:
359:
296:
273:
253:
230:
207:
63:
6839:
6838:
6710:7 Billion Actions
6584:Population ethics
6477:Carrying capacity
6386:Population growth
6323:
6322:
6285:Political economy
6084:Supply and demand
5964:Pareto efficiency
5614:978-0-7641-1274-4
5586:978-0-273-71367-8
5565:978-0-521-79264-6
5539:978-0-618-64085-0
5511:978-0-273-70512-3
5483:978-0-415-10888-1
5462:978-0-07-057953-8
5441:978-0-673-18871-7
5415:978-0-631-22516-4
5394:978-1-4058-9340-4
5375:978-0-321-27794-7
5356:978-0-273-65813-9
5337:978-1-56226-485-7
5318:978-0-07-044967-1
5299:978-1-4288-7151-9
5270:978-0-256-01547-8
5240:978-0-7167-7159-3
5214:978-0-324-58018-1
5193:978-0-618-34599-1
5165:978-0-19-929637-8
5144:978-0-07-126349-8
5125:978-0-256-02157-8
5104:978-0-7668-0699-3
5085:978-0-585-01979-6
5031:978-0-13-961905-2
4970:(16): 1599–1605.
4950:978-0-536-53313-5
4924:978-0-324-59542-0
4541:Energy Efficiency
4167:Frank (2008) 119.
4143:Frank (2008) 118.
3803:. New York City:
3758:Supply and demand
3728:
3727:
3535:−0.09 (short run)
3454:conjoint analysis
3196:{\displaystyle Q}
3144:{\displaystyle Q}
3112:{\displaystyle Q}
2800:{\displaystyle n}
2780:{\displaystyle n}
2756:{\displaystyle K}
2569:perfectly elastic
2504:perfectly elastic
2378:
2321:
2286:
2218:
2195:
2167:
2144:
2117:
2102:
2048:
2002:
1984:
1898:
1797:consumer durables
1697:
1633:
1589:
1151:
1100:
1080:
991:
961:
890:
860:
854:
800:
568:percentage change
556:{\displaystyle E}
536:{\displaystyle a}
276:{\displaystyle Q}
233:{\displaystyle P}
205:
128:conjoint analysis
6869:
6829:
6828:
6817:
6816:
6786:Green Revolution
6567:Two-child policy
6562:One-child policy
6485:
6445:Population model
6401:World population
6350:
6343:
6336:
6327:
6326:
6313:
6312:
6303:
6302:
6045:Returns to scale
5903:Market structure
5683:
5676:
5669:
5660:
5659:
5625:
5623:
5621:
5597:
5595:
5593:
5569:
5550:
5548:
5546:
5522:
5520:
5518:
5494:
5492:
5490:
5466:
5445:
5426:
5424:
5422:
5398:
5379:
5360:
5341:
5322:
5303:
5281:
5279:
5277:
5253:
5244:
5225:
5223:
5221:
5197:
5176:
5174:
5172:
5148:
5129:
5108:
5089:
5076:Industry Studies
5070:
5060:
5035:
5016:
5014:
5012:
4997:
4987:
4954:
4935:
4933:
4931:
4898:
4897:
4887:
4878:(6): 1145–1184.
4863:
4857:
4856:
4836:
4830:
4829:
4827:
4825:
4810:
4804:
4801:
4795:
4794:
4792:
4790:
4784:
4776:
4770:
4769:
4767:
4765:
4759:
4751:
4745:
4742:
4733:
4730:
4721:
4718:
4712:
4709:
4703:
4697:
4691:
4688:
4682:
4681:
4654:
4648:
4645:
4639:
4638:
4603:
4597:
4594:
4588:
4585:
4579:
4576:
4565:
4564:
4547:(6): 1341–1358.
4536:
4530:
4529:
4498:Energy Economics
4495:
4486:
4480:
4477:
4471:
4468:
4462:
4459:
4453:
4450:
4444:
4443:
4441:
4439:
4430:. Archived from
4424:
4418:
4417:
4407:
4389:
4371:
4347:
4341:
4338:
4332:
4331:
4329:
4327:
4312:
4306:
4305:
4303:
4302:
4293:. Archived from
4287:
4281:
4280:
4278:
4277:
4268:. Archived from
4262:
4256:
4253:
4244:
4241:
4232:
4229:
4223:
4220:
4214:
4211:
4205:
4204:
4202:
4201:
4195:APEconReview.com
4186:
4180:
4177:
4168:
4165:
4156:
4153:
4144:
4141:
4132:
4129:
4120:
4119:
4117:
4115:
4106:. Archived from
4099:
4084:
4081:
4068:
4065:
4059:
4056:
4050:
4047:
4041:
4038:
4032:
4029:
4023:
4020:
4014:
4011:
4005:
4002:
3996:
3993:
3987:
3984:
3975:
3972:
3963:
3960:
3951:
3948:
3939:
3936:
3930:
3927:
3918:
3915:
3909:
3906:
3900:
3897:
3891:
3888:
3882:
3879:
3873:
3870:
3864:
3861:
3852:
3849:
3840:
3837:
3831:
3828:
3819:
3818:
3794:
3788:
3787:
3785:
3784:
3773:
3634:
3601:
3594:
3568:−0.03 to −0.06 (
3538:−0.31 (long run)
3517:broiler chickens
3473:Cigarettes (US)
3468:
3423:
3421:
3420:
3415:
3413:
3412:
3403:
3402:
3384:
3383:
3362:
3361:
3346:
3345:
3324:
3323:
3311:
3310:
3285:
3283:
3282:
3277:
3275:
3274:
3259:
3258:
3237:
3236:
3202:
3200:
3199:
3194:
3182:
3180:
3179:
3174:
3150:
3148:
3147:
3142:
3118:
3116:
3115:
3110:
3098:
3096:
3095:
3090:
3062:
3060:
3059:
3054:
3052:
3051:
3035:
3033:
3032:
3027:
3022:
3021:
3000:
2999:
2981:
2980:
2959:
2958:
2913:
2911:
2910:
2905:
2887:
2885:
2884:
2879:
2877:
2876:
2861:
2860:
2842:
2841:
2829:
2828:
2806:
2804:
2803:
2798:
2786:
2784:
2783:
2778:
2762:
2760:
2759:
2754:
2742:
2740:
2739:
2734:
2662:
2660:
2659:
2654:
2413:The price effect
2405:
2403:
2402:
2397:
2395:
2394:
2379:
2376:
2337:
2335:
2334:
2329:
2327:
2323:
2322:
2320:
2319:
2307:
2287:
2285:
2278:
2277:
2264:
2247:
2229:
2227:
2226:
2221:
2219:
2217:
2209:
2201:
2196:
2194:
2187:
2186:
2173:
2168:
2166:
2158:
2150:
2145:
2137:
2132:
2131:
2119:
2110:
2104:
2101:
2093:
2085:
2079:
2078:
2059:
2057:
2056:
2051:
2049:
2047:
2039:
2031:
2003:
2001:
1990:
1985:
1983:
1975:
1967:
1962:
1928:marginal revenue
1915:
1913:
1912:
1907:
1905:
1901:
1900:
1897:
1896:
1884:
1863:
1708:
1706:
1705:
1700:
1698:
1696:
1695:
1694:
1675:
1659:
1658:
1639:
1634:
1632:
1616:
1615:
1605:
1604:
1595:
1590:
1588:
1587:
1586:
1573:
1557:
1556:
1543:
1538:
1537:
1536:
1535:
1523:
1522:
1498:
1496:
1495:
1490:
1488:
1487:
1471:
1469:
1468:
1463:
1445:
1444:
1427:
1425:
1424:
1419:
1405:
1403:
1402:
1397:
1379:
1378:
1361:
1359:
1358:
1353:
1351:
1350:
1332:
1331:
1319:
1318:
1302:
1300:
1299:
1294:
1262:
1260:
1259:
1254:
1252:
1245:
1240:
1239:
1219:
1217:
1216:
1211:
1194:
1193:
1162:
1160:
1159:
1154:
1152:
1150:
1146:
1140:
1139:
1138:
1129:
1123:
1111:
1109:
1108:
1103:
1101:
1099:
1098:
1086:
1081:
1079:
1075:
1069:
1068:
1067:
1058:
1052:
1047:
1046:
1015:Point elasticity
1002:
1000:
999:
994:
992:
990:
982:
981:
980:
967:
962:
960:
959:
958:
957:
956:
939:
938:
937:
936:
921:
920:
919:
907:
906:
896:
891:
889:
881:
880:
879:
866:
861:
859:
855:
850:
849:
848:
847:
846:
829:
828:
827:
826:
811:
805:
801:
796:
795:
794:
782:
781:
771:
765:
760:
759:
706:point elasticity
692:
690:
689:
684:
658:
631:
629:
628:
623:
597:
562:
560:
559:
554:
542:
540:
539:
534:
522:
520:
519:
514:
512:
511:
507:
478:
476:
475:
470:
462:
433:
431:
430:
425:
399:
375:
370:
305:
303:
302:
297:
282:
280:
279:
274:
262:
260:
259:
254:
239:
237:
236:
231:
216:
214:
213:
208:
206:
204:
200:
188:
184:
172:
167:
166:
72:
70:
69:
64:
62:
61:
6877:
6876:
6872:
6871:
6870:
6868:
6867:
6866:
6842:
6841:
6840:
6835:
6805:
6769:
6703:
6701:
6694:
6646:
6625:
6574:Overconsumption
6557:Family planning
6514:
6508:
6481:
6465:
6462:
6454:
6416:
6413:
6405:
6359:
6354:
6324:
6319:
6297:
6289:
6256:
6135:
5777:Deadweight loss
5714:Consumer choice
5692:
5687:
5633:
5628:
5619:
5617:
5615:
5591:
5589:
5587:
5566:
5544:
5542:
5540:
5516:
5514:
5512:
5488:
5486:
5484:
5463:
5442:
5420:
5418:
5416:
5395:
5376:
5357:
5338:
5319:
5300:
5275:
5273:
5271:
5241:
5219:
5217:
5215:
5194:
5170:
5168:
5166:
5145:
5126:
5105:
5086:
5032:
5010:
5008:
4951:
4929:
4927:
4925:
4906:
4901:
4864:
4860:
4837:
4833:
4823:
4821:
4812:
4811:
4807:
4802:
4798:
4788:
4786:
4782:
4778:
4777:
4773:
4763:
4761:
4757:
4753:
4752:
4748:
4743:
4736:
4731:
4724:
4719:
4715:
4710:
4706:
4698:
4694:
4689:
4685:
4655:
4651:
4646:
4642:
4604:
4600:
4595:
4591:
4586:
4582:
4577:
4568:
4537:
4533:
4493:
4487:
4483:
4478:
4474:
4469:
4465:
4460:
4456:
4451:
4447:
4437:
4435:
4426:
4425:
4421:
4362:(3): e0151390.
4348:
4344:
4339:
4335:
4325:
4323:
4313:
4309:
4300:
4298:
4289:
4288:
4284:
4275:
4273:
4264:
4263:
4259:
4254:
4247:
4242:
4235:
4230:
4226:
4221:
4217:
4212:
4208:
4199:
4197:
4187:
4183:
4178:
4171:
4166:
4159:
4154:
4147:
4142:
4135:
4130:
4123:
4113:
4111:
4102:Walbert, Mark.
4100:
4087:
4082:
4071:
4066:
4062:
4057:
4053:
4048:
4044:
4039:
4035:
4030:
4026:
4021:
4017:
4012:
4008:
4003:
3999:
3994:
3990:
3985:
3978:
3973:
3966:
3961:
3954:
3949:
3942:
3937:
3933:
3928:
3921:
3916:
3912:
3907:
3903:
3898:
3894:
3889:
3885:
3880:
3876:
3871:
3867:
3862:
3855:
3850:
3843:
3838:
3834:
3829:
3822:
3815:
3795:
3791:
3782:
3780:
3775:
3774:
3770:
3766:
3734:
3729:
3684:−0.405 (mobile)
3632:
3599:
3592:
3588:−0.47 (Austria)
3549:−0.87 (general)
3515:−0.5 to −0.6 (
3504:−0.9 (discount)
3445:
3433:
3408:
3404:
3398:
3394:
3373:
3369:
3357:
3353:
3335:
3331:
3319:
3315:
3306:
3302:
3297:
3294:
3293:
3270:
3266:
3254:
3250:
3232:
3228:
3211:
3208:
3207:
3188:
3185:
3184:
3156:
3153:
3152:
3136:
3133:
3132:
3129:
3104:
3101:
3100:
3072:
3069:
3068:
3047:
3043:
3041:
3038:
3037:
3017:
3013:
2995:
2991:
2976:
2972:
2954:
2950:
2919:
2916:
2915:
2899:
2896:
2895:
2872:
2868:
2850:
2846:
2837:
2833:
2824:
2820:
2815:
2812:
2811:
2792:
2789:
2788:
2772:
2769:
2768:
2748:
2745:
2744:
2674:
2671:
2670:
2624:
2621:
2620:
2613:
2605:
2603:Optimal pricing
2557:
2543:
2514:
2498:
2482:
2466:
2450:
2390:
2386:
2375:
2373:
2370:
2369:
2354:
2348:
2315:
2311:
2306:
2299:
2295:
2273:
2269:
2268:
2263:
2240:
2238:
2235:
2234:
2210:
2202:
2200:
2182:
2178:
2177:
2172:
2159:
2151:
2149:
2136:
2127:
2123:
2108:
2094:
2086:
2083:
2074:
2070:
2068:
2065:
2064:
2040:
2032:
2030:
1994:
1989:
1976:
1968:
1966:
1955:
1953:
1950:
1949:
1926:′ is the
1892:
1888:
1882:
1875:
1871:
1856:
1854:
1851:
1850:
1844:
1741:
1727:Alfred Marshall
1715:
1690:
1686:
1676:
1654:
1650:
1640:
1638:
1611:
1607:
1606:
1600:
1596:
1594:
1582:
1578:
1574:
1552:
1548:
1544:
1542:
1531:
1527:
1518:
1514:
1513:
1509:
1507:
1504:
1503:
1483:
1479:
1477:
1474:
1473:
1440:
1436:
1433:
1430:
1429:
1411:
1408:
1407:
1374:
1370:
1367:
1364:
1363:
1346:
1342:
1327:
1323:
1314:
1310:
1308:
1305:
1304:
1271:
1268:
1267:
1241:
1235:
1231:
1227:
1225:
1222:
1221:
1189:
1185:
1183:
1180:
1179:
1176:demand function
1173:
1142:
1141:
1134:
1130:
1125:
1124:
1122:
1120:
1117:
1116:
1094:
1090:
1085:
1071:
1070:
1063:
1059:
1054:
1053:
1051:
1042:
1038:
1036:
1033:
1032:
1017:
1009:midpoint method
983:
976:
972:
968:
966:
952:
948:
947:
943:
932:
928:
927:
923:
922:
915:
911:
902:
898:
897:
895:
882:
875:
871:
867:
865:
842:
838:
837:
833:
822:
818:
817:
813:
812:
810:
806:
790:
786:
777:
773:
772:
770:
766:
764:
755:
751:
749:
746:
745:
720:
714:
654:
637:
634:
633:
593:
576:
573:
572:
548:
545:
544:
528:
525:
524:
503:
499:
495:
484:
481:
480:
458:
450:
447:
446:
395:
371:
363:
357:
354:
353:
343:substitute good
288:
285:
284:
268:
265:
264:
245:
242:
241:
225:
222:
221:
196:
189:
180:
173:
171:
156:
152:
150:
147:
146:
136:
57:
53:
51:
48:
47:
39:
32:
17:
12:
11:
5:
6875:
6865:
6864:
6859:
6854:
6837:
6836:
6834:
6833:
6823:
6810:
6807:
6806:
6804:
6803:
6801:Sustainability
6798:
6793:
6788:
6783:
6777:
6775:
6774:Related topics
6771:
6770:
6768:
6767:
6762:
6757:
6752:
6747:
6742:
6737:
6732:
6727:
6722:
6717:
6712:
6706:
6704:
6699:
6696:
6695:
6693:
6692:
6687:
6686:
6685:
6680:
6675:
6665:
6663:Largest cities
6660:
6654:
6652:
6648:
6647:
6645:
6644:
6639:
6633:
6631:
6627:
6626:
6624:
6623:
6618:
6613:
6612:
6611:
6606:
6601:
6596:
6591:
6581:
6576:
6571:
6570:
6569:
6564:
6559:
6554:
6544:
6543:
6542:
6532:
6524:
6518:
6516:
6510:
6509:
6507:
6506:
6501:
6496:
6491:
6486:
6483:I = P × A × T
6479:
6474:
6468:
6466:
6459:
6456:
6455:
6453:
6452:
6447:
6442:
6437:
6436:
6435:
6425:
6419:
6417:
6410:
6407:
6406:
6404:
6403:
6398:
6393:
6388:
6383:
6378:
6373:
6367:
6365:
6361:
6360:
6353:
6352:
6345:
6338:
6330:
6321:
6320:
6318:
6317:
6307:
6294:
6291:
6290:
6288:
6287:
6282:
6280:Macroeconomics
6277:
6276:
6275:
6264:
6262:
6258:
6257:
6255:
6254:
6249:
6244:
6239:
6234:
6229:
6224:
6219:
6214:
6209:
6204:
6199:
6194:
6189:
6184:
6179:
6174:
6169:
6164:
6159:
6154:
6149:
6143:
6141:
6137:
6136:
6134:
6133:
6128:
6127:
6126:
6121:
6111:
6106:
6105:
6104:
6095:
6081:
6076:
6071:
6066:
6057:
6052:
6047:
6042:
6037:
6032:
6027:
6022:
6017:
6016:
6015:
6010:
6001:
5996:
5991:
5986:
5981:
5979:Price controls
5971:
5966:
5961:
5960:
5959:
5954:
5949:
5944:
5943:
5942:
5937:
5927:
5922:
5921:
5920:
5915:
5900:
5898:Market failure
5895:
5890:
5885:
5880:
5875:
5870:
5865:
5864:
5863:
5858:
5848:
5843:
5838:
5833:
5832:
5831:
5821:
5820:
5819:
5814:
5809:
5804:
5794:
5789:
5784:
5779:
5774:
5769:
5768:
5767:
5762:
5757:
5752:
5751:
5750:
5740:
5735:
5725:
5716:
5711:
5706:
5700:
5698:
5694:
5693:
5690:Microeconomics
5686:
5685:
5678:
5671:
5663:
5655:
5654:
5649:
5644:
5639:
5632:
5631:External links
5629:
5627:
5626:
5613:
5598:
5585:
5570:
5564:
5551:
5538:
5523:
5510:
5495:
5482:
5467:
5461:
5452:Microeconomics
5446:
5440:
5427:
5414:
5399:
5393:
5385:Microeconomics
5380:
5374:
5361:
5355:
5342:
5336:
5328:Microeconomics
5323:
5317:
5304:
5298:
5282:
5269:
5254:
5245:
5239:
5231:Microeconomics
5226:
5213:
5198:
5192:
5177:
5164:
5149:
5143:
5130:
5124:
5109:
5103:
5090:
5084:
5071:
5036:
5030:
5017:
4998:
4955:
4949:
4941:Microeconomics
4936:
4923:
4907:
4905:
4902:
4900:
4899:
4858:
4831:
4820:on 8 July 2011
4805:
4796:
4771:
4746:
4734:
4722:
4713:
4704:
4692:
4683:
4672:(1–2): 11–24.
4649:
4640:
4598:
4589:
4580:
4566:
4531:
4481:
4472:
4463:
4454:
4445:
4419:
4342:
4333:
4307:
4282:
4257:
4245:
4233:
4224:
4215:
4206:
4181:
4169:
4157:
4145:
4133:
4121:
4085:
4069:
4060:
4051:
4042:
4033:
4024:
4015:
4006:
3997:
3988:
3976:
3964:
3952:
3940:
3931:
3919:
3910:
3901:
3892:
3883:
3874:
3865:
3853:
3841:
3832:
3820:
3813:
3789:
3767:
3765:
3762:
3761:
3760:
3755:
3750:
3745:
3740:
3738:Arc elasticity
3733:
3730:
3726:
3725:
3721:
3720:
3719:
3718:
3712:
3711:
3710:
3704:
3703:
3702:
3699:
3698:−0.35 (Canada)
3696:
3690:
3689:
3688:
3685:
3679:
3678:
3677:
3671:
3670:
3669:
3662:
3655:
3649:
3648:
3647:
3643:Cannabis (US)
3641:
3640:
3639:
3636:
3629:
3623:
3622:
3621:
3613:
3612:
3611:
3610:
3609:
3606:
3603:
3596:
3589:
3583:
3582:
3581:
3575:
3574:
3573:
3566:
3562:Medicine (US)
3560:
3559:
3558:
3552:
3551:
3550:
3544:
3543:
3542:
3539:
3536:
3530:
3529:
3528:
3522:
3521:
3520:
3510:
3509:
3508:
3505:
3502:
3496:
3495:
3494:
3493:−1.5 (spirits)
3491:
3488:
3482:
3481:
3480:
3477:
3466:
3444:
3441:
3432:
3429:
3425:
3424:
3411:
3407:
3401:
3397:
3393:
3390:
3387:
3382:
3379:
3376:
3372:
3368:
3365:
3360:
3356:
3352:
3349:
3344:
3341:
3338:
3334:
3330:
3327:
3322:
3318:
3314:
3309:
3305:
3301:
3287:
3286:
3273:
3269:
3265:
3262:
3257:
3253:
3249:
3246:
3243:
3240:
3235:
3231:
3227:
3224:
3221:
3218:
3215:
3192:
3172:
3169:
3166:
3163:
3160:
3140:
3128:
3125:
3108:
3088:
3085:
3082:
3079:
3076:
3065:
3064:
3050:
3046:
3025:
3020:
3016:
3012:
3009:
3006:
3003:
2998:
2994:
2990:
2987:
2984:
2979:
2975:
2971:
2968:
2965:
2962:
2957:
2953:
2949:
2944:
2941:
2938:
2935:
2932:
2929:
2926:
2923:
2903:
2889:
2888:
2875:
2871:
2867:
2864:
2859:
2856:
2853:
2849:
2845:
2840:
2836:
2832:
2827:
2823:
2819:
2796:
2776:
2765:
2764:
2763:is a constant.
2752:
2732:
2729:
2726:
2723:
2720:
2717:
2714:
2711:
2708:
2705:
2702:
2699:
2696:
2693:
2690:
2687:
2684:
2681:
2678:
2664:
2663:
2652:
2649:
2646:
2643:
2640:
2637:
2634:
2631:
2628:
2612:
2609:
2604:
2601:
2553:Main article:
2542:
2539:
2527:
2526:
2510:
2500:
2494:
2484:
2478:
2468:
2462:
2452:
2446:
2424:
2423:
2420:
2417:
2414:
2407:
2406:
2393:
2389:
2385:
2382:
2347:
2344:
2339:
2338:
2326:
2318:
2314:
2310:
2305:
2302:
2298:
2293:
2290:
2284:
2281:
2276:
2272:
2267:
2262:
2259:
2256:
2253:
2250:
2246:
2243:
2231:
2230:
2216:
2213:
2208:
2205:
2199:
2193:
2190:
2185:
2181:
2176:
2171:
2165:
2162:
2157:
2154:
2148:
2143:
2140:
2135:
2130:
2126:
2122:
2116:
2113:
2107:
2100:
2097:
2092:
2089:
2082:
2077:
2073:
2061:
2060:
2046:
2043:
2038:
2035:
2028:
2025:
2022:
2019:
2016:
2013:
2009:
2006:
2000:
1997:
1993:
1988:
1982:
1979:
1974:
1971:
1965:
1961:
1958:
1947:
1937:
1936:
1930:
1917:
1916:
1904:
1895:
1891:
1887:
1881:
1878:
1874:
1869:
1866:
1862:
1859:
1843:
1840:
1839:
1838:
1819:
1816:
1813:
1810:
1803:
1800:
1784:
1781:
1774:
1771:
1767:
1764:
1760:
1757:
1749:
1740:
1737:
1714:
1711:
1710:
1709:
1693:
1689:
1685:
1682:
1679:
1674:
1671:
1668:
1665:
1662:
1657:
1653:
1649:
1646:
1643:
1637:
1631:
1628:
1625:
1622:
1619:
1614:
1610:
1603:
1599:
1593:
1585:
1581:
1577:
1572:
1569:
1566:
1563:
1560:
1555:
1551:
1547:
1541:
1534:
1530:
1526:
1521:
1517:
1512:
1486:
1482:
1460:
1457:
1454:
1451:
1448:
1443:
1439:
1416:
1394:
1391:
1388:
1385:
1382:
1377:
1373:
1349:
1345:
1341:
1338:
1335:
1330:
1326:
1322:
1317:
1313:
1291:
1288:
1285:
1282:
1279:
1276:
1251:
1248:
1244:
1238:
1234:
1230:
1209:
1206:
1203:
1200:
1197:
1192:
1188:
1171:
1149:
1145:
1137:
1133:
1128:
1113:
1112:
1097:
1093:
1089:
1084:
1078:
1074:
1066:
1062:
1057:
1050:
1045:
1041:
1016:
1013:
1004:
1003:
989:
986:
979:
975:
971:
965:
955:
951:
946:
942:
935:
931:
926:
918:
914:
910:
905:
901:
894:
888:
885:
878:
874:
870:
864:
858:
853:
845:
841:
836:
832:
825:
821:
816:
809:
804:
799:
793:
789:
785:
780:
776:
769:
763:
758:
754:
738:arc elasticity
718:arc elasticity
716:Main article:
713:
712:Arc elasticity
710:
702:arc elasticity
682:
679:
676:
673:
670:
667:
664:
661:
657:
653:
650:
647:
644:
641:
621:
618:
615:
612:
609:
606:
603:
600:
596:
592:
589:
586:
583:
580:
552:
532:
510:
506:
502:
498:
494:
491:
488:
468:
465:
461:
457:
454:
423:
420:
417:
414:
411:
408:
405:
402:
398:
394:
391:
388:
385:
382:
379:
374:
369:
366:
362:
326:absolute value
295:
292:
272:
252:
249:
229:
218:
217:
203:
199:
195:
192:
187:
183:
179:
176:
170:
165:
162:
159:
155:
135:
132:
60:
56:
15:
9:
6:
4:
3:
2:
6874:
6863:
6860:
6858:
6855:
6853:
6850:
6849:
6847:
6832:
6824:
6822:
6821:
6812:
6811:
6808:
6802:
6799:
6797:
6794:
6792:
6789:
6787:
6784:
6782:
6781:Bennett's law
6779:
6778:
6776:
6772:
6766:
6763:
6761:
6758:
6756:
6753:
6751:
6748:
6746:
6743:
6741:
6738:
6736:
6733:
6731:
6728:
6726:
6723:
6721:
6718:
6716:
6713:
6711:
6708:
6707:
6705:
6702:organizations
6697:
6691:
6688:
6684:
6681:
6679:
6676:
6674:
6671:
6670:
6669:
6666:
6664:
6661:
6659:
6656:
6655:
6653:
6649:
6643:
6640:
6638:
6635:
6634:
6632:
6628:
6622:
6619:
6617:
6614:
6610:
6607:
6605:
6602:
6600:
6597:
6595:
6592:
6590:
6587:
6586:
6585:
6582:
6580:
6577:
6575:
6572:
6568:
6565:
6563:
6560:
6558:
6555:
6553:
6550:
6549:
6548:
6545:
6541:
6538:
6537:
6536:
6533:
6531:
6529:
6525:
6523:
6520:
6519:
6517:
6511:
6505:
6502:
6500:
6497:
6495:
6492:
6490:
6489:Kaya identity
6487:
6484:
6480:
6478:
6475:
6473:
6470:
6469:
6467:
6464:
6457:
6451:
6448:
6446:
6443:
6441:
6438:
6434:
6431:
6430:
6429:
6426:
6424:
6421:
6420:
6418:
6415:
6408:
6402:
6399:
6397:
6394:
6392:
6389:
6387:
6384:
6382:
6379:
6377:
6374:
6372:
6369:
6368:
6366:
6362:
6358:
6351:
6346:
6344:
6339:
6337:
6332:
6331:
6328:
6316:
6308:
6306:
6301:
6296:
6295:
6292:
6286:
6283:
6281:
6278:
6274:
6271:
6270:
6269:
6266:
6265:
6263:
6259:
6253:
6250:
6248:
6245:
6243:
6240:
6238:
6235:
6233:
6230:
6228:
6225:
6223:
6220:
6218:
6215:
6213:
6212:Institutional
6210:
6208:
6205:
6203:
6200:
6198:
6195:
6193:
6190:
6188:
6185:
6183:
6180:
6178:
6175:
6173:
6170:
6168:
6165:
6163:
6160:
6158:
6157:Computational
6155:
6153:
6150:
6148:
6145:
6144:
6142:
6138:
6132:
6129:
6125:
6122:
6120:
6117:
6116:
6115:
6112:
6110:
6107:
6103:
6102:Law of supply
6099:
6096:
6094:
6093:Law of demand
6090:
6087:
6086:
6085:
6082:
6080:
6079:Social choice
6077:
6075:
6072:
6070:
6067:
6065:
6064:Excess supply
6061:
6058:
6056:
6053:
6051:
6050:Risk aversion
6048:
6046:
6043:
6041:
6038:
6036:
6033:
6031:
6028:
6026:
6023:
6021:
6018:
6014:
6011:
6009:
6005:
6002:
6000:
5997:
5995:
5992:
5990:
5987:
5985:
5984:Price ceiling
5982:
5980:
5977:
5976:
5975:
5972:
5970:
5967:
5965:
5962:
5958:
5955:
5953:
5950:
5948:
5945:
5941:
5940:Complementary
5938:
5936:
5933:
5932:
5931:
5928:
5926:
5923:
5919:
5916:
5914:
5911:
5910:
5909:
5906:
5905:
5904:
5901:
5899:
5896:
5894:
5891:
5889:
5886:
5884:
5881:
5879:
5876:
5874:
5871:
5869:
5866:
5862:
5859:
5857:
5854:
5853:
5852:
5849:
5847:
5844:
5842:
5839:
5837:
5834:
5830:
5827:
5826:
5825:
5822:
5818:
5815:
5813:
5810:
5808:
5805:
5803:
5800:
5799:
5798:
5795:
5793:
5790:
5788:
5785:
5783:
5780:
5778:
5775:
5773:
5770:
5766:
5763:
5761:
5758:
5756:
5753:
5749:
5746:
5745:
5744:
5741:
5739:
5736:
5734:
5731:
5730:
5729:
5726:
5724:
5723:non-convexity
5720:
5717:
5715:
5712:
5710:
5707:
5705:
5702:
5701:
5699:
5695:
5691:
5684:
5679:
5677:
5672:
5670:
5665:
5664:
5661:
5657:
5653:
5650:
5648:
5645:
5643:
5640:
5638:
5635:
5634:
5616:
5610:
5606:
5605:
5599:
5588:
5582:
5578:
5577:
5571:
5567:
5561:
5557:
5552:
5541:
5535:
5531:
5530:
5524:
5513:
5507:
5503:
5502:
5496:
5485:
5479:
5475:
5474:
5468:
5464:
5458:
5454:
5453:
5447:
5443:
5437:
5433:
5428:
5417:
5411:
5408:. Blackwell.
5407:
5406:
5400:
5396:
5390:
5386:
5381:
5377:
5371:
5367:
5362:
5358:
5352:
5348:
5343:
5339:
5333:
5329:
5324:
5320:
5314:
5310:
5305:
5301:
5295:
5291:
5287:
5283:
5272:
5266:
5262:
5261:
5255:
5251:
5246:
5242:
5236:
5232:
5227:
5216:
5210:
5206:
5205:
5199:
5195:
5189:
5185:
5184:
5178:
5167:
5161:
5157:
5156:
5150:
5146:
5140:
5136:
5131:
5127:
5121:
5117:
5116:
5110:
5106:
5100:
5096:
5091:
5087:
5081:
5077:
5072:
5068:
5064:
5059:
5054:
5050:
5046:
5042:
5037:
5033:
5027:
5023:
5018:
5006:
5005:
4999:
4995:
4991:
4986:
4981:
4977:
4973:
4969:
4965:
4961:
4956:
4952:
4946:
4942:
4937:
4926:
4920:
4916:
4915:
4909:
4908:
4895:
4891:
4886:
4881:
4877:
4873:
4869:
4862:
4854:
4850:
4846:
4842:
4835:
4819:
4815:
4809:
4800:
4785:. SPC Network
4781:
4775:
4756:
4750:
4741:
4739:
4729:
4727:
4717:
4708:
4702:
4696:
4687:
4679:
4675:
4671:
4667:
4663:
4659:
4653:
4644:
4636:
4632:
4628:
4624:
4620:
4616:
4612:
4608:
4602:
4593:
4584:
4575:
4573:
4571:
4562:
4558:
4554:
4550:
4546:
4542:
4535:
4527:
4523:
4519:
4515:
4511:
4507:
4503:
4499:
4492:
4485:
4476:
4467:
4458:
4449:
4433:
4429:
4423:
4415:
4411:
4406:
4401:
4397:
4393:
4388:
4383:
4379:
4375:
4370:
4365:
4361:
4357:
4353:
4346:
4337:
4322:
4318:
4311:
4297:on 2012-11-13
4296:
4292:
4286:
4272:on 2012-11-13
4271:
4267:
4261:
4252:
4250:
4240:
4238:
4228:
4219:
4210:
4196:
4192:
4185:
4176:
4174:
4164:
4162:
4152:
4150:
4140:
4138:
4128:
4126:
4109:
4105:
4104:"Tutorial 4a"
4098:
4096:
4094:
4092:
4090:
4080:
4078:
4076:
4074:
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339:complementary
335:
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227:
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101:law of demand
98:
94:
88:
86:
82:
78:
77:law of demand
74:
58:
54:
44:
37:
30:
26:
22:
6818:
6630:Publications
6589:Antinatalism
6527:
6504:World3 model
6364:Major topics
6247:Optimization
6232:Mathematical
6192:Experimental
6187:Evolutionary
6172:Econometrics
6030:Public goods
6004:Price system
5999:Price signal
5913:Monopolistic
5811:
5782:Distribution
5697:Major topics
5656:
5618:. Retrieved
5603:
5590:. Retrieved
5575:
5555:
5543:. Retrieved
5528:
5515:. Retrieved
5500:
5487:. Retrieved
5472:
5451:
5431:
5419:. Retrieved
5404:
5384:
5365:
5346:
5327:
5308:
5289:
5274:. Retrieved
5259:
5249:
5230:
5218:. Retrieved
5203:
5182:
5169:. Retrieved
5154:
5134:
5114:
5094:
5075:
5051:(1): 22–34.
5048:
5044:
5021:
5009:. Retrieved
5003:
4967:
4963:
4940:
4928:. Retrieved
4913:
4875:
4871:
4861:
4847:(1): 34–36.
4844:
4840:
4834:
4822:. Retrieved
4818:the original
4808:
4799:
4789:29 September
4787:. Retrieved
4774:
4764:29 September
4762:. Retrieved
4749:
4716:
4707:
4695:
4686:
4669:
4665:
4652:
4643:
4618:
4614:
4601:
4592:
4583:
4544:
4540:
4534:
4501:
4497:
4484:
4475:
4466:
4457:
4448:
4436:. Retrieved
4432:the original
4422:
4359:
4355:
4345:
4336:
4324:. Retrieved
4320:
4310:
4299:. Retrieved
4295:the original
4285:
4274:. Retrieved
4270:the original
4260:
4227:
4218:
4209:
4198:. Retrieved
4194:
4184:
4112:. Retrieved
4108:the original
4063:
4054:
4045:
4036:
4027:
4018:
4009:
4000:
3991:
3934:
3913:
3904:
3895:
3886:
3877:
3868:
3835:
3799:
3792:
3781:. Retrieved
3779:. 2020-01-14
3771:
3722:
3709:−0.3 to −0.7
3676:−0.2 to −0.3
3666:Mountain Dew
3651:Soft drinks
3595:(Bangladesh)
3557:−0.4 to −0.9
3524:Oil (World)
3462:
3450:test markets
3446:
3434:
3426:
3288:
3130:
3121:
3066:
2890:
2766:
2665:
2614:
2606:
2597:
2591:
2587:
2583:
2579:
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2573:
2568:
2564:
2558:
2533:
2531:
2528:
2516:
2511:
2507:
2503:
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2463:
2459:
2455:
2447:
2443:
2439:
2429:
2425:
2408:
2364:
2340:
1944:
1938:
1935:is the price
1932:
1923:
1918:
1845:
1793:fuel economy
1742:
1739:Determinants
1730:
1724:
1265:
1168:
1164:
1114:
1021:
1018:
1005:
736:
732:
728:
724:
721:
705:
701:
699:
565:
439:demand curve
435:
347:
333:
330:
312:
309:
219:
137:
124:test markets
117:
114:
108:
104:
97:Giffen goods
89:
81:elasticities
46:
42:
40:
6513:Society and
6472:Biocapacity
6197:Game theory
6162:Development
6109:Uncertainty
5989:Price floor
5969:Preferences
5908:Competition
5878:Information
5841:Externality
5824:Equilibrium
5765:Transaction
5743:Opportunity
5704:Aggregation
5620:28 February
5421:28 February
5368:. Pearson.
5220:28 February
5171:28 February
5011:11 December
4943:. Pearson.
4930:28 February
4824:9 September
4504:: 201–207.
4326:11 December
4114:27 February
3617:Trademarks
3490:−1.0 (wine)
1753:substitutes
6846:Categories
6700:Events and
6515:population
6461:Population
6412:Population
6357:Population
6227:Managerial
6147:Behavioral
6020:Production
5957:Oligopsony
5797:Elasticity
5709:Budget set
4904:References
4369:1602.08644
4301:2013-03-03
4276:2013-03-03
4200:2016-05-27
3783:2021-04-14
3625:Transport
3608:−0.55 (US)
3512:Livestock
2616:equation.
2576:relatively
2350:See also:
1827:cigarettes
1789:carpooling
1756:inelastic.
134:Definition
6796:Migration
6673:6 billion
6268:Economics
6140:Subfields
6035:Rationing
5952:Oligopoly
5947:Monopsony
5935:Bilateral
5868:Household
5719:Convexity
5604:Economics
5529:Economics
5501:Economics
5347:Economics
4914:Economics
4894:158193395
4635:219337939
4561:157328882
4396:1932-6203
3659:Coca-Cola
3570:pediatric
3532:Car fuel
3386:×
3375:ℓ
3348:×
3337:ℓ
3321:ℓ
3308:ℓ
3261:×
3239:×
3162:
3078:
3049:ℓ
3019:ℓ
3008:
2997:ℓ
2978:ℓ
2967:
2956:ℓ
2934:…
2902:ℓ
2863:×
2852:ℓ
2839:ℓ
2826:ℓ
2716:
2689:
2645:×
2584:inelastic
2490:(−∞ <
2458:(−1 <
2280:⋅
2261:⋅
2212:∂
2204:∂
2189:⋅
2170:⇒
2161:∂
2153:∂
2134:⋅
2121:⇒
2106:⋅
2096:∂
2088:∂
2042:∂
2034:∂
1996:∂
1992:∂
1978:∂
1970:∂
1823:addictive
1773:Necessity
1684:
1678:∂
1656:ℓ
1648:
1642:∂
1613:ℓ
1592:⋅
1576:∂
1554:ℓ
1546:∂
1520:ℓ
1442:ℓ
1415:ℓ
1376:ℓ
1337:…
1083:×
985:Δ
970:Δ
964:×
884:Δ
869:Δ
863:×
678:−
669:%
663:−
649:%
617:−
614:≈
608:%
588:%
582:−
464:Δ
453:Δ
419:−
410:%
390:%
384:−
334:own-price
291:Δ
248:Δ
191:Δ
175:Δ
164:⟩
158:⟨
105:inelastic
41:A good's
6831:Category
6599:Natalism
6522:Eugenics
6315:Category
6261:See also
6152:Business
6124:Marginal
6119:Expected
6060:Shortage
6055:Scarcity
5930:Monopoly
5836:Exchange
5748:Implicit
5738:Marginal
5067:12154648
4994:19759377
4660:(2020).
4526:55215422
4438:26 April
4414:26999511
4356:PLOS ONE
3732:See also
3577:Patents
2245:′
1960:′
1861:′
1812:Who pays
1783:Duration
523:, where
6862:Pricing
6820:Commons
6463:ecology
6414:biology
6273:Applied
6252:Welfare
6114:Utility
6074:Surplus
6013:Pricing
5925:Duopoly
5918:Perfect
5861:Service
5829:General
5733:Average
5592:6 March
5545:5 March
5517:5 March
5489:5 March
5276:5 March
5058:6683806
4985:3140416
4841:Agrekon
4506:Bibcode
4405:4801373
4374:Bibcode
3602:(China)
3572:visits)
2592:greater
2377:Revenue
1939:Proof:
1835:alcohol
1778:insulin
1713:History
729:average
725:average
220:where
109:elastic
6857:Demand
6530:genics
6098:Supply
6089:Demand
6025:Profit
5893:Market
5755:Social
5611:
5583:
5562:
5536:
5508:
5480:
5459:
5438:
5412:
5391:
5372:
5353:
5334:
5315:
5296:
5267:
5237:
5211:
5190:
5162:
5141:
5122:
5101:
5082:
5065:
5055:
5028:
4992:
4982:
4947:
4921:
4892:
4633:
4559:
4524:
4412:
4402:
4394:
3811:
3723:
3717:near 0
3673:Steel
3664:−4.4 (
3657:−3.8 (
3646:−0.655
3580:−0.45
3036:, and
2891:where
2666:where
2580:higher
1919:where
1831:heroin
1744:good:
321:Giffen
317:Veblen
315:) are
313:higher
93:Veblen
6651:Lists
6217:Labor
6202:Green
5974:Price
5856:Goods
5846:Firms
4890:S2CID
4783:(PDF)
4758:(PDF)
4631:S2CID
4557:S2CID
4522:S2CID
4494:(PDF)
4364:arXiv
3764:Notes
3706:Golf
3692:Eggs
3585:Rice
2588:fewer
2515:is −
1022:point
348:cross
341:, or
140:ratio
73:, PED
6131:Wage
6040:Rent
6008:Free
5760:Sunk
5728:Cost
5721:and
5622:2010
5609:ISBN
5594:2010
5581:ISBN
5560:ISBN
5547:2010
5534:ISBN
5519:2010
5506:ISBN
5491:2010
5478:ISBN
5457:ISBN
5436:ISBN
5423:2010
5410:ISBN
5389:ISBN
5370:ISBN
5351:ISBN
5332:ISBN
5313:ISBN
5294:ISBN
5278:2010
5265:ISBN
5235:ISBN
5222:2010
5209:ISBN
5188:ISBN
5173:2010
5160:ISBN
5139:ISBN
5120:ISBN
5099:ISBN
5080:ISBN
5063:PMID
5026:ISBN
5013:2020
4990:PMID
4945:ISBN
4932:2010
4919:ISBN
4826:2010
4791:2016
4766:2016
4440:2010
4410:PMID
4392:ISSN
4328:2020
4116:2010
3809:ISBN
3631:−2.8
3598:−0.8
3591:−0.8
3527:−0.4
2914:and
2436:good
1833:and
704:and
681:0.67
666:37.5
620:0.33
422:0.5.
319:and
95:and
6528:Dys
6222:Law
5053:PMC
4980:PMC
4972:doi
4968:361
4880:doi
4849:doi
4674:doi
4623:doi
4549:doi
4514:doi
4400:PMC
4382:doi
2534:not
2438:is
1805:An
1681:log
1645:log
1499:is
733:arc
387:0.5
6848::
5330:.
5061:.
5049:26
5047:.
5043:.
4988:.
4978:.
4966:.
4962:.
4888:.
4876:80
4874:.
4870:.
4845:30
4843:.
4737:^
4725:^
4670:27
4668:.
4664:.
4629:.
4621:.
4619:23
4617:.
4613:.
4569:^
4555:.
4545:11
4543:.
4520:.
4512:.
4502:34
4500:.
4496:.
4408:.
4398:.
4390:.
4380:.
4372:.
4360:11
4358:.
4354:.
4319:.
4248:^
4236:^
4193:.
4172:^
4160:^
4148:^
4136:^
4124:^
4088:^
4072:^
3979:^
3967:^
3955:^
3943:^
3922:^
3856:^
3844:^
3823:^
3183:,
3159:ln
3075:ln
3005:ln
2964:ln
2713:ln
2686:ln
2361:1.
1829:,
1178:,
708:.
697:.
646:25
605:60
585:20
130:.
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