Principles and Problems of Modern Economics |
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Page 79
... elasticity " or " elasticity of demand . " Thus we would say that the demand curve for steak is price elastic , whereas the demand for bread is inelastic . We should have a better reason for introducing a new term than merely to ...
... elasticity " or " elasticity of demand . " Thus we would say that the demand curve for steak is price elastic , whereas the demand for bread is inelastic . We should have a better reason for introducing a new term than merely to ...
Page 211
... elasticity than these other items . The percentage spent on it declines as income goes up . Within the broad , general category of total food , there are , of course , differences in income elasticity . As income increases , more is ...
... elasticity than these other items . The percentage spent on it declines as income goes up . Within the broad , general category of total food , there are , of course , differences in income elasticity . As income increases , more is ...
Page 464
... Elasticity of Demand Now we have shown that marginal revenue is zero at a point halfway along the demand curve . And revenue is at a maximum when marginal revenue is zero . Therefore , revenue must be at a maximum halfway along the ...
... Elasticity of Demand Now we have shown that marginal revenue is zero at a point halfway along the demand curve . And revenue is at a maximum when marginal revenue is zero . Therefore , revenue must be at a maximum halfway along the ...
Contents
The Development of Modern Economic Problems | 23 |
Economic | 39 |
A Simple Model of the Economy | 53 |
Copyright | |
57 other sections not shown
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Adam Smith agricultural amount areas assets average bank become billion capital commodity consumer consumption corporation cost curve cycle debt demand curve depression diagram discussion dollar economists economy effect efficiency elasticity enterprise equal equilibrium example expenditures exports factor factors of production farmers Federal Reserve Figure firm full employment gold higher important increase indifference curve individual industry inelastic inflation interest rate investment labor large number less manufacturing marginal cost marginal product marginal revenue means ment mercantilists merely monetary monopolistic competition multiplier national income operations organized output payments percent problem profits purchase pure competition quantity ratio real income reduce rent reserve ratios result saving schedule sell situation slope social spending sumer supply and demand supply curve surplus tariff taxes tend theory tion trade union United wages workers