Price elasticity of demand - Knowledge (XXG)

1746:, 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. 2368: 343:

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

2462:= 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. 2557: 2438:

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.

6838: 6322: 6311: 1012: 6826: 2239: 2582:, 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. 1718: 90:), 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 2578:, 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 758: 3474:

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

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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

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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

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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 $

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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

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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

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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,

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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

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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

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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.

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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

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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

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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

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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

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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

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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.

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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.

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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).

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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

2069: 2532:), 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 1017:

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

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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,

1516: 1022:. 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. 321:

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

2347: 3433: 1007:{\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}}} 2536:); 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). 1121: 3045: 447:

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

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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

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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.

2234:{\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}}} 2605:

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).

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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.

2897: 1925: 456:, 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 1172: 643:

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

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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

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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:

1371: 2415: 1713:{\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}}}} 702: 6730: 3438:

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.

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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=

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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.)

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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

1272: 3471:, under conditions of preference independence. This approach has been empirically validated using bundles of goods (e.g. food, healthcare, education, recreation, etc.). 2574:

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

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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

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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.

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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:

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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.

3212: 3160: 3128: 2816: 2796: 2772: 2478:< 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. 2247: 572: 552: 292: 249: 1045: 4550:

Algunaibet, Ibrahim; Matar, Walid (2018). "The responsiveness of fuel demand to gasoline price change in passenger transport: a case study of Saudi Arabia".

4438: 3467:(a ranking of users' preferences which can then be statistically analysed) may be used. Approximate estimates of price elasticity can be calculated from the 2510:< −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. 6755: 2928: 6668: 4969:

Brownell, Kelly D.; Farley, Thomas; Willett, Walter C.; Popkin, Barry M.; Chaloupka, Frank J.; Thompson, Joseph W.; Ludwig, David S. (15 October 2009).

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This form of the equations shows that point elasticities assumed constant over a price range cannot determine what prices generate maximum values of

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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

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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.

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because no substitutes exist. Specific foodstuffs (ice cream, meat, spinach) or families of them (dairy, meat, sea products) may be more elastic.

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elastic or relatively inelastic, that is, somewhere between the extreme cases of perfect elasticity or inelasticity. More generally, then, the

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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.

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terms). They will say "Yachts have an elasticity of two" meaning the elasticity is −2. This is a common source of confusion for students.

1848:. This is because consumers treat such goods as necessities and hence are forced to purchase them, despite even significant price changes. 1820:—either out of tradition or because of proprietary barriers—can override sensitivity to price changes, resulting in more inelastic demand. 86:) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( 6760: 4363:"Relationship between the Uncompensated Price Elasticity and the Income Elasticity of Demand under Conditions of Additive Preferences" 1742: 2433:

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.

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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

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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

357: 138: 2494:= −1), the percentage change in quantity demanded is equal to that in price, so a change in price will not affect total revenue. 1129: 149:

The variation in demand in response to a variation in price is called price elasticity of demand. It may also be defined as the

6862: 6801: 6735: 2446: 2064:{\displaystyle R'={\frac {\partial R}{\partial Q}}={\frac {\partial }{\partial Q}}(P\,Q)=P+Q\,{\frac {\partial P}{\partial Q}}} 129:

Revenue is maximized when price is set so that the elasticity is exactly one. The good's elasticity can be used to predict the

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because a 1% change in price has a quantity effect that may depend on whether the initial price is high or low. Contrary to

363:. 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 4305: 2560:

When demand is more inelastic than supply, consumers will bear a greater proportion of the tax burden than producers will.

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Two refinements of the definition of elasticity are used to deal with these shortcomings of the basic elasticity formula:

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to calculate the elasticity for an infinitesimal change in price and quantity at any given point on the demand curve:

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Chaloupka, Frank J.; Grossman, Michael; Saffer, Henry (2002); Hogarty and Elzinga (1972) cited by Douglas (1993).

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100, then the quantity demanded has fallen 10% and the price has risen 5%, so the elasticity is (−10%)/(+5%) = −2.

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but when prices remain high over several years, more consumers will reduce their demand for fuel by switching to

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Among the most common applications of price elasticity is to determine prices that maximize revenue or profit.

4791:"Price and Income Elasticity of Demand for Broadband Subscriptions: A Cross-Sectional Model of OECD Countries" 4668: 4617: 1317: 2382: 646: 6504: 6325: 6222: 6217: 6167: 6040: 5918: 5677: 2367: 1126:

In other words, it is equal to the absolute value of the first derivative of quantity with respect to price

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Estimates of the Price Elasticity of Demand for Casino Gaming and the Potential Effects of Casino Tax Hikes

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If the definition of price elasticity is extended to yield a quadratic relationship between demand units (

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is constant. There does exist a nonlinear shape of demand curve along which the elasticity is constant:

752:, in this case with respect to the price of the good. The arc elasticity is defined mathematically as: 459: 6770: 6725: 6693: 6688: 6614: 6589: 6545: 6237: 6157: 6089: 6004: 5898: 5834: 4516: 4384: 2633: 1732:

The illustration that accompanied Marshall's original definition of elasticity, the ratio of PT to Pt

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In terms of partial-differential calculus, point elasticity of demand can be defined as follows: let

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the elasticity of demand compared to PES, the heavier the burden on producers; conversely, the more

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in nature tend to have an inelastic PED (absolute value of PED < 1). Examples of such include

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Gwartney, James D.; Stroup, Richard L.; Sobel, Russell S.; David MacPherson (14 January 2008).

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Gwartney, Yaw Bugyei-Kyei.James D.; Stroup, Richard L.; Sobel, Russell S. (2008). p. 425.

3819: 3768: 3464: 3428:{\displaystyle LQ_{\ell }=K_{\ell }+E1_{\ell ,k}\times LP^{k}+E2_{\ell ,k}\times (LP^{k})^{2}} 705: 297: 254: 126:

At an elasticity of 0 consumption would not change at all, in spite of any price increases.

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As a result, the relationship between elasticity and revenue can be described for any good:

1938: 1807: 130: 4201: 2908: 1486: 60: 6867: 6806: 6567: 6315: 5787: 5724: 3527: 2342:{\displaystyle R'=P+Q\cdot {\frac {P}{E_{d}\cdot Q}}=P\,\left(1+{\frac {1}{E_{d}}}\right)} 1845: 1763: 1737: 1186: 1019: 353: 1116:{\displaystyle E_{d}={\frac {\mathrm {d} Q_{d}}{\mathrm {d} P}}\times {\frac {P}{Q_{d}}}} 133:

on that good. Various research methods are used to determine price elasticity, including

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Pindyck; Rubinfeld (2001). p. 381.; Steven Morrison in Duetsch (1993), p. 231.

4388: 3552:−0.085 to −0.13 (non-linear with price change in the short-run for Saudi Arabia in 2013) 6811: 6290: 6030: 5989: 5908: 5700: 5068: 5051: 4995: 4970: 4415: 4362: 3748: 3197: 3145: 3113: 2801: 2781: 2757: 748: 728: 557: 537: 336: 277: 234: 4828: 3475:

have the elasticity shown, see the above section on determinants of price elasticity.

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Cleasby, R. C. G.; Ortmann, G. F. (1991). "Demand Analysis of Eggs in South Africa".

4645: 4571: 3815: 3040:{\displaystyle k=1,\dotsc ,n,\,\,LQ_{\ell }=\ln(Q_{\ell }),LP^{\ell }=\ln(P^{\ell })} 2565: 2533: 1817: 111: 87: 4536: 6599: 6182: 6014: 6009: 5743: 5461: 3676: 449: 4863: 4688: 1031:

and ending prices and quantities. This is the approach taken in the definition of

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are two classes of goods which have positive elasticity, rare exceptions to the

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of the curve—between the two points. As a result, this measure is known as the

6367: 5967: 5719: 4563: 3580: 578: 4971:"The Public Health and Economic Benefits of Taxing Sugar-Sweetened Beverages" 4406: 1185:). However, the point elasticity can be computed only if the formula for the 6537: 6278: 6045: 5962: 5957: 5770: 4711: 3669: 1837: 1833: 5077: 5004: 4986: 4424: 6493: 6310: 5052:"The effects of price on alcohol consumption and alcohol-related problems" 4622:"Per un pugno di dollari: A first look at the price elasticity of patents" 4621: 4069:

Schumpeter, Joseph Alois; Schumpeter, Elizabeth Boody (1994). p. 959.

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opportunities to avoid the tax by switching to alternatives will bear the

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measure how the quantity demanded changes with other variables (e.g. the

4766:"Valuing the Effect of Regulation on New Services in Telecommunications" 4722:

Davis, A.; Nichols, M. (2013), The Price Elasticity of Marijuana Demand"

6124: 6023: 5935: 4895: 4878: 1799: 1788: 221:{\displaystyle E_{\langle P\rangle }={\frac {\Delta Q/Q}{\Delta P/P}}} 6514: 6099: 4731:

Brownell, Kelly D.; Farley, Thomas; Willett, Walter C. et al. (2009).

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budget the income effect will be insignificant and demand inelastic,

4879:"Tuition Fees and University Enrolment: A Meta-Regression Analysis" 4502:"Demand for gasoline is more price-inelastic than commonly thought" 4379: 1736:

Together with the concept of an economic "elasticity" coefficient,

5984: 5866: 5846: 2555: 2366: 1727: 150: 30:"Elasticity of demand" redirects here. For income elasticity, see 5669: 4607:

Goldman and Grossman (1978) cited in Feldstein (1999), p. 99

4138: 4136: 3162:) and price, then it is possible to compute prices that maximize 6141: 3214:, and revenue. The fundamental equation for one product becomes 6340: 5673: 5481:

Schumpeter, Joseph Alois; Schumpeter, Elizabeth Boody (1994).

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Chaloupka, Frank J.; Grossman, Michael; Saffer, Henry (2002).

6336: 3110:; similarly they cannot predict prices that generate maximum 2892:{\displaystyle LQ_{\ell }=K_{\ell }+E_{\ell ,k}\times LP^{k}} 1802:

or public transportation, investing in vehicles with greater

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and the corresponding equation for several products becomes

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Havranek, Tomas; Irsova, Zuzana; Zeynalova, Olesia (2018).

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Second, percentage changes are not symmetric; instead, the

45:"Price elasticity" redirects here. Not to be confused with 4598:

Heilbrun and Gray (1993, p. 94) cited in Vogel (2001)

1167:{\displaystyle {\frac {\mathrm {d} Q_{d}}{\mathrm {d} P}}} 704:

for the same part of the curve. This is an example of the

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A Lesson on Elasticity in Four Parts, Youtube, Jodi Beggs

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Parkin, Michael; Powell, Melanie; Matthews, Kent (2002).

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Goodwin; Nelson; Ackerman; Weisskopf (2009). p. 124.

4302:"Pricing Tests and Price Elasticity for several products" 4233:

Goodwin, Nelson, Ackerman & Weisskopf (2009). p. 122.

4439:"Constant Elasticity Demand and Supply Curves (Q=A*P^c)" 1920:{\displaystyle R'=P\,\left(1+{\dfrac {1}{E_{d}}}\right)} 6731:

International Conference on Population and Development

5129:(3rd ed.). Homewood, Illinois: Richard D. Irwin. 4751: 4749: 4500:

Havranek, Tomas; Irsova, Zuzana; Janda, Karel (2012).

3290:{\displaystyle LQ=K+E_{1}\times LP+E_{2}\times LP^{2}} 2420:

Generally, any change in price will have two effects:

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is credited with defining "elasticity of demand" in

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as a function of parameters price and wealth, and let

5445:(3rd ed.). Glenview, Illinois: Scott, Foresman. 5377:

Microeconomic Theory & Applications with Calculus

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Wall, Stuart; Griffiths, Alan (2008). pp. 57–58.

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Wall, Stuart; Griffiths, Alan (2008). pp. 53–54.

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Browning, Edgar K.; Browning, Jacquelene M. (1992).

4277:"Pricing Tests and Price Elasticity for one product" 1231:, is known so its derivative with respect to price, 6784: 6709: 6661: 6640: 6523: 6469: 6420: 6374: 6271: 6150: 5707: 4755:

Barnett and Crandall in Duetsch (1993), p. 147

4328:"Empirical Estimation of Demand: Top 10 Techniques" 4202:"AP Microeconomics Review: Elasticity Coefficients" 3463:capable of modelling such changes. Alternatively, 4827:. Agriculture and Agri-Food Canada. Archived from 4673:"On the price elasticity of demand for trademarks" 4620:; van Pottelsberghe de la Potterie, Bruno (2007). 4142:Goodwin, Nelson, Ackerman, & Weisskopf (2009). 3993: 3991: 3427: 3289: 3206: 3186: 3154: 3122: 3102: 3066: 3039: 2917: 2891: 2810: 2790: 2778:Similarly, the equations for cross elasticity for 2766: 2746: 2666: 2409: 2341: 2233: 2063: 1919: 1712: 1502: 1475: 1431: 1409: 1365: 1306: 1266: 1223: 1166: 1115: 1006: 696: 635: 566: 546: 526: 482: 437: 309: 294:is the initial quantity of the good demanded, and 286: 266: 243: 220: 76: 5663:Approx. PED of Various Home-Consumed Foods (U.K.) 5318:McConnell, Campbell R.; Brue, Stanley L. (1990). 4585: 4583: 4581: 1806:or taking other measures. This does not hold for 438:{\displaystyle E_{cg}^{d}=(-0.5\%)/(+1\%)=-0.5.} 5299:; Winston, Michael D.; Green, Jerry R. (1995). 5108:(5th ed.). Albany, NY: Delmar Publishers. 4490:Richard T. Rogers in Duetsch (1993), p. 6. 4094:Parkin; Powell; Matthews (2002). pp. 77–9. 3850:Parkin; Powell; Matthews (2002). pp. 74–5. 3788:"Price elasticity of demand | Economics Online" 356:. That two-good type of elasticity is called a 4162: 4160: 6352: 5685: 5337:Negbennebor (2001). "The Freedom to Choose". 5320:Economics: Principles, Problems, and Policies 5191:Goodwin; Nelson; Ackerman; Weisskopf (2009). 4250: 4248: 3870: 3868: 3858: 3856: 8: 5569:(5th ed.). Cambridge University Press. 3940:Parkin; Powell; Matthews (2002). p .75. 3442:Limitations of revenue-maximizing strategies 1476:{\displaystyle \displaystyle x_{\ell }(p,w)} 1410:{\displaystyle \displaystyle x_{\ell }(p,w)} 636:{\displaystyle (-20\%)/(+60\%)\approx -0.33} 174: 168: 6756:United Nations world population conferences 4883:Oxford Bulletin of Economics and Statistics 4739: 4737: 4108: 4106: 4104: 4102: 4100: 3969: 3967: 3936: 3934: 3138:Non-constant elasticity and optimal pricing 2570:Demand elasticity, in combination with the 251:is the initial price of the good demanded, 6669:Population and housing censuses by country 6359: 6345: 6337: 5692: 5678: 5670: 4174: 4172: 2445:When the price elasticity of demand for a 5441:Ruffin, Roy J.; Gregory, Paul R. (1988). 5067: 4994: 4894: 4712:https://doi.org/10.1016/j.tra.2019.01.014 4414: 4396: 4378: 4262: 4260: 4090: 4088: 4086: 4084: 3961:Ruffin; Gregory (1988). pp. 518–519. 3957: 3955: 3419: 3409: 3384: 3368: 3346: 3330: 3317: 3308: 3281: 3265: 3243: 3222: 3199: 3167: 3147: 3115: 3083: 3058: 3052: 3028: 3006: 2987: 2965: 2957: 2956: 2930: 2910: 2883: 2861: 2848: 2835: 2826: 2803: 2783: 2759: 2685: 2635: 2585:In practice, demand is likely to be only 2401: 2386: 2384: 2326: 2317: 2305: 2284: 2274: 2249: 2211: 2193: 2183: 2160: 2147: 2138: 2119: 2094: 2085: 2079: 2041: 2040: 2021: 2000: 1977: 1964: 1903: 1893: 1881: 1865: 1701: 1665: 1649: 1622: 1611: 1605: 1593: 1563: 1553: 1542: 1529: 1524: 1518: 1494: 1488: 1451: 1444: 1422: 1385: 1378: 1357: 1338: 1325: 1319: 1282: 1252: 1246: 1238: 1236: 1200: 1194: 1153: 1145: 1136: 1133: 1131: 1105: 1096: 1082: 1074: 1065: 1062: 1053: 1047: 987: 977: 963: 958: 943: 938: 926: 913: 906: 886: 876: 853: 848: 833: 828: 821: 801: 788: 781: 775: 766: 760: 665: 648: 604: 587: 559: 539: 514: 510: 495: 469: 461: 406: 382: 374: 368: 299: 279: 256: 236: 207: 191: 182: 167: 161: 68: 62: 6392:Estimates of historical world population 5653:Price Elasticity Models and Optimization 5322:(11th ed.). New York: McGraw-Hill. 4186: 4184: 4150: 4148: 3997:McConnell;Brue (1990). pp. 434–435. 3973:Ferguson, C.E. (1972). pp. 100–101. 1366:{\displaystyle x_{1},x_{2},\dots ,x_{L}} 335:of demand as a positive value (i.e., in 137:, analysis of historical sales data and 5612:Wessels, Walter J. (1 September 2000). 5089:. Englewood Cliffs, NJ: Prentice Hall. 4024:Wessels, Walter J. (2000). p. 296. 3981: 3979: 3837: 3835: 3779: 2622:Constant elasticity and optimal pricing 2513:When the price elasticity of demand is 2497:When the price elasticity of demand is 2481:When the price elasticity of demand is 2465:When the price elasticity of demand is 2410:{\displaystyle {\text{Revenue}}=PQ_{d}} 697:{\displaystyle (+25\%)/(-37.5\%)=-0.67} 5658:Approx. PED of Various Products (U.S.) 5584:Wall, Stuart; Griffiths, Alan (2008). 4825:"Profile of The Canadian Egg Industry" 3631:−0.25 to −0.40 (international market) 3498:−0.3 or −0.7 to −0.9 as of 1972 (beer) 5587:Economics for Business and Management 5303:. New York: Oxford University Press. 5015:Microeconomic Theory and Applications 4922:Arnold, Roger A. (17 December 2008). 4814:Krugman and Wells (2009) p. 147. 4166:Gillespie, Andrew (2007). p. 48. 3928:Economics, Tenth edition, John Sloman 3883:Gillespie, Andrew (2007). p. 57. 3862:Gillespie, Andrew (2007). p. 43. 3811:Microeconomic theory and applications 3565:live performing arts (theater, etc.) 2747:{\displaystyle LQ=\ln(Q),LP=\ln(P),E} 7: 6825: 5274:. Library of Economics and Liberty. 5215:Economics: Private and Public Choice 4743:Ayers; Collinge (2003). p. 120. 4006:Ferguson, C.E. (1972). p. 101n. 3919:McConnell; Brue (1990). p. 436. 3892:Ruffin; Gregory (1988). p. 524. 2798:products can be written as a set of 1439:. The elasticity of demand for good 1307:{\displaystyle \displaystyle x(p,w)} 6761:Voluntary Human Extinction Movement 5537:Taylor, John B. (1 February 2006). 3949:McConnell; Brue (1990). p. 437 3910:Ruffin; Gregory (1988). p. 520 3901:Ferguson, C.E. (1972). p. 106. 1432:{\displaystyle \displaystyle \ell } 6248:Microfoundations of macroeconomics 5163:Gillespie, Andrew (1 March 2007). 4060:Marshall, Alfred (1890). III.IV.1. 4051:Marshall, Alfred (1890). III.IV.2. 4033:Mas-Colell; Winston; Green (1995). 2222: 2214: 2171: 2163: 2106: 2098: 2052: 2044: 2006: 2002: 1988: 1980: 1688: 1652: 1586: 1556: 1154: 1137: 1083: 1066: 995: 980: 894: 879: 679: 659: 618: 598: 474: 463: 420: 400: 301: 258: 201: 185: 114:. Demand for a good is said to be 25: 6653:Population and Development Review 5590:. Financial Times Prentice Hall. 5515:. Financial Times Prentice Hall. 4361:Sabatelli, Lorenzo (2016-03-21). 4351:Png, Ivan (1999). pp. 79–80. 1174:multiplied by the point's price ( 483:{\displaystyle \Delta P/\Delta Q} 6837: 6836: 6824: 6701:Population concern organizations 6407:Projections of population growth 6321: 6320: 6309: 5567:Entertainment Industry Economics 4626:Oxford Review of Economic Policy 4242:Gillespie, Andrew (2002). p. 51. 4190:Png, Ivan (1999). pp. 62–3. 4042:Taylor, John (2006). p. 93. 4015:Sloman, John (2006). p. 55. 1759:Availability of substitute goods 131:incidence (or "burden") of a tax 27:Sensitivity of quantity to price 6802:Human impact on the environment 6736:Population Action International 5618:. Barron's Educational Series. 5398:(5th ed.). Prentice-Hall. 5035:(5th ed.). Prentice-Hall. 4975:New England Journal of Medicine 4463:Perloff, J. (2008). p. 97. 2818:simultaneous linear equations. 2667:{\displaystyle LQ=K+E\times LP} 1770:Breadth of definition of a good 6751:United Nations Population Fund 5466:(17th ed.). McGraw-Hill. 5031:Case, Karl; Fair, Ray (1999). 4224:Krugman, Wells (2009). p. 151. 3416: 3399: 3181: 3175: 3097: 3091: 3034: 3021: 2993: 2980: 2735: 2729: 2708: 2702: 2543:Price-elasticity of demand is 2180: 2131: 2025: 2015: 1857:The following equation holds: 1683: 1671: 1640: 1628: 1581: 1569: 1469: 1457: 1403: 1391: 1300: 1288: 1218: 1212: 682: 670: 662: 650: 621: 609: 601: 589: 423: 411: 403: 391: 98:for consumer income changes). 1: 5148:(7th ed.). McGraw-Hill. 5123:Ferguson, Charles E. (1972). 5018:(4th ed.). HarperCollins 4864:10.1080/03031853.1991.9524200 4689:10.1080/13662716.2019.1591939 4254:Arnold, Roger (2008). p. 385. 3841:Png, Ivan (1989). p. 57. 3518:−1.5 (for pleasure travelers) 1818:attachment to a certain brand 38:. For wealth elasticity, see 5487:(12th ed.). Routledge. 5484:History of economic analysis 5460:Samuelson; Nordhaus (2001). 4398:10.1371/journal.pone.0151390 1853:Relation to marginal revenue 34:. For cross elasticity, see 6776:World Population Foundation 6766:World Population Conference 6679:World population milestones 6193:Civil engineering economics 6178:Statistical decision theory 5818:Income elasticity of demand 5394:Pindyck; Rubinfeld (2001). 5169:. Oxford University Press. 5146:Microeconomics and Behavior 5104:Feldstein, Paul J. (1999). 5056:Alcohol Research and Health 4589:Samuelson; Nordhaus (2001). 4529:10.1016/j.eneco.2011.09.003 4326:Samia Rekhi (16 May 2016). 3808:Browning, Edgar K. (1992). 3759:Income elasticity of demand 3469:income elasticity of demand 3454:Selected price elasticities 1267:{\displaystyle {dQ_{d}/dP}} 1178:) divided by its quantity ( 361:-price elasticity of demand 96:income elasticity of demand 40:Wealth elasticity of demand 32:Income elasticity of demand 6889: 6648:Population and Environment 5828:Price elasticity of supply 5823:Price elasticity of demand 5813:Cross elasticity of demand 5360:. Harlow: Addison-Wesley. 5085:Duetsch, Larry L. (1993). 4200:Reed, Jacob (2016-05-26). 3764:Price elasticity of supply 3754:Cross elasticity of demand 2572:price elasticity of supply 2563: 2360: 1224:{\displaystyle Q_{d}=f(P)} 738:of the two prices and the 726: 527:{\displaystyle P=aQ^{1/E}} 54:price elasticity of demand 47:Price elasticity of supply 44: 36:Cross elasticity of demand 29: 6820: 6558:Human population planning 6382:Demographics of the world 6304: 5268:Marshall, Alfred (1920). 5259:Landers (February 2008). 5194:Microeconomics in Context 4564:10.1007/s12053-018-9628-6 3706:−0.1 (US: household only) 3646:(Ford compact automobile) 3576:−0.31 (medical insurance) 3495:Alcoholic beverages (US) 3067:{\displaystyle K_{\ell }} 2483:unit (or unitary) elastic 274:is how much it changed, 6563:Compulsory sterilization 5884:Income–consumption curve 5197:(2nd ed.). Sharpe. 5166:Foundations of Economics 4950:Ayers; Collinge (2003). 3649:−0.52 (commuter parking) 2357:Effect on entire revenue 1954:Define Total Revenue as 1762:The more and closer the 554:is a shift constant and 310:{\displaystyle \Delta Q} 267:{\displaystyle \Delta P} 6505:Malthusian growth model 6218:Industrial organization 5443:Principles of Economics 5271:Principles of Economics 5244:(2nd ed.). Worth. 5240:Krugman; Wells (2009). 5033:Principles of Economics 4677:Industry and Innovation 4332:economicsdiscussion.net 2754:is the elasticity, and 2552:Effect on tax incidence 1743:Principles of Economics 1417:be the demand for good 1314:be the demand of goods 1035:elasticity, which uses 6863:Elasticity (economics) 6632:Zero population growth 6627:Sustainable population 6551:Malthusian catastrophe 6510:Overshoot (population) 6387:Demographic transition 5565:Vogel, Harold (2001). 5144:Frank, Robert (2008). 4987:10.1056/NEJMhpr0905723 4669:de Rassenfosse, Gaétan 4618:de Rassenfosse, Gaétan 3665:−0.8 to −1.0 (general) 3487:−0.3 to −0.6 (general) 3429: 3291: 3208: 3188: 3187:{\displaystyle \ln(Q)} 3156: 3124: 3104: 3103:{\displaystyle \ln(Q)} 3068: 3041: 2919: 2893: 2812: 2792: 2768: 2748: 2668: 2561: 2411: 2373: 2343: 2235: 2065: 1921: 1791:for those who need it. 1733: 1714: 1504: 1483:with respect to price 1477: 1433: 1411: 1367: 1308: 1268: 1225: 1168: 1117: 1008: 698: 637: 568: 548: 528: 484: 439: 311: 288: 268: 245: 222: 78: 6741:Population Connection 6605:Mere addition paradox 6444:Physiological density 6188:Engineering economics 5783:Cost–benefit analysis 5509:Sloman, John (2006). 5106:Health Care Economics 3725:University education 3639:−0.20 (bus travel US) 3450:is more appropriate. 3430: 3292: 3209: 3189: 3157: 3125: 3105: 3069: 3042: 2920: 2918:{\displaystyle \ell } 2894: 2813: 2793: 2769: 2749: 2669: 2559: 2412: 2370: 2344: 2236: 2066: 1922: 1731: 1715: 1505: 1503:{\displaystyle p_{k}} 1478: 1434: 1412: 1368: 1309: 1274:, can be determined. 1269: 1226: 1169: 1118: 1037:differential calculus 1009: 699: 638: 569: 549: 529: 485: 440: 312: 289: 269: 246: 223: 79: 77:{\displaystyle E_{d}} 6771:World Population Day 6726:Church of Euthanasia 6615:Non-identity problem 6590:Political demography 6546:Human overpopulation 6005:Price discrimination 5899:Intertemporal choice 5543:. Cengage Learning. 5416:Managerial Economics 5375:Perloff, J. (2008). 5301:Microeconomic Theory 5218:. Cengage Learning. 5126:Microeconomic Theory 4928:. Cengage Learning. 4638:10.2139/ssrn.1743840 3712:−0.55 (South Africa) 3509:Airline travel (US) 3490:−0.6 to −0.7 (youth) 3307: 3221: 3198: 3166: 3146: 3130:or maximum revenue. 3114: 3082: 3051: 2929: 2909: 2825: 2802: 2782: 2758: 2684: 2634: 2467:relatively inelastic 2383: 2248: 2078: 1963: 1864: 1832:Goods that are more 1777:Percentage of income 1517: 1487: 1443: 1421: 1377: 1318: 1281: 1235: 1193: 1130: 1046: 759: 706:index number problem 647: 586: 574:is the elasticity. 558: 538: 494: 460: 454:common misconception 367: 298: 278: 255: 235: 160: 61: 6620:Reproductive rights 6451:Population dynamics 6402:Population momentum 6316:Business portal 6253:Operations research 6080:Substitution effect 4658:Perloff, J. (2008). 4521:2012EneEc..34..201H 4389:2016PLoSO..1151390S 4078:Negbennebor (2001). 3692:Telecommunications 3557:Cinema visits (US) 3448:Profit maximization 2576:perfectly inelastic 2451:perfectly inelastic 2430:The quantity effect 387: 6746:Population Matters 6461:Population pyramid 6439:Population density 6434:Population decline 5894:Indifference curve 5862:Goods and services 5803:Economies of scope 5798:Economies of scale 5413:Png, Ivan (1999). 5297:Mas-Colell, Andreu 4896:10.1111/obes.12240 4771:. Jerry A. Hausman 4445:on 13 January 2011 4121:on 4 December 2008 3818:. pp. 94–95. 3698:−0.434 (broadband) 3512:−0.3 (first class) 3425: 3287: 3204: 3184: 3152: 3120: 3100: 3064: 3037: 2915: 2889: 2808: 2788: 2764: 2744: 2664: 2562: 2499:relatively elastic 2407: 2374: 2363:Total revenue test 2339: 2231: 2129: 2114: 2061: 1917: 1910: 1734: 1710: 1500: 1473: 1472: 1429: 1428: 1407: 1406: 1363: 1304: 1303: 1264: 1221: 1164: 1113: 1004: 694: 633: 564: 544: 524: 480: 435: 370: 307: 284: 264: 241: 218: 74: 6850: 6849: 6721:7 Billion Actions 6595:Population ethics 6488:Carrying capacity 6397:Population growth 6334: 6333: 6296:Political economy 6095:Supply and demand 5975:Pareto efficiency 5625:978-0-7641-1274-4 5597:978-0-273-71367-8 5576:978-0-521-79264-6 5550:978-0-618-64085-0 5522:978-0-273-70512-3 5494:978-0-415-10888-1 5473:978-0-07-057953-8 5452:978-0-673-18871-7 5426:978-0-631-22516-4 5405:978-1-4058-9340-4 5386:978-0-321-27794-7 5367:978-0-273-65813-9 5348:978-1-56226-485-7 5329:978-0-07-044967-1 5310:978-1-4288-7151-9 5281:978-0-256-01547-8 5251:978-0-7167-7159-3 5225:978-0-324-58018-1 5204:978-0-618-34599-1 5176:978-0-19-929637-8 5155:978-0-07-126349-8 5136:978-0-256-02157-8 5115:978-0-7668-0699-3 5096:978-0-585-01979-6 5042:978-0-13-961905-2 4981:(16): 1599–1605. 4961:978-0-536-53313-5 4935:978-0-324-59542-0 4552:Energy Efficiency 4178:Frank (2008) 119. 4154:Frank (2008) 118. 3814:. New York City: 3769:Supply and demand 3739: 3738: 3546:−0.09 (short run) 3465:conjoint analysis 3207:{\displaystyle Q} 3155:{\displaystyle Q} 3123:{\displaystyle Q} 2811:{\displaystyle n} 2791:{\displaystyle n} 2767:{\displaystyle K} 2580:perfectly elastic 2515:perfectly elastic 2389: 2332: 2297: 2229: 2206: 2178: 2155: 2128: 2113: 2059: 2013: 1995: 1909: 1808:consumer durables 1708: 1644: 1600: 1162: 1111: 1091: 1002: 972: 901: 871: 865: 811: 579:percentage change 567:{\displaystyle E} 547:{\displaystyle a} 287:{\displaystyle Q} 244:{\displaystyle P} 216: 139:conjoint analysis 18:Price sensitivity 16:(Redirected from 6880: 6840: 6839: 6828: 6827: 6797:Green Revolution 6578:Two-child policy 6573:One-child policy 6496: 6456:Population model 6412:World population 6361: 6354: 6347: 6338: 6324: 6323: 6314: 6313: 6056:Returns to scale 5914:Market structure 5694: 5687: 5680: 5671: 5636: 5634: 5632: 5608: 5606: 5604: 5580: 5561: 5559: 5557: 5533: 5531: 5529: 5505: 5503: 5501: 5477: 5456: 5437: 5435: 5433: 5409: 5390: 5371: 5352: 5333: 5314: 5292: 5290: 5288: 5264: 5255: 5236: 5234: 5232: 5208: 5187: 5185: 5183: 5159: 5140: 5119: 5100: 5087:Industry Studies 5081: 5071: 5046: 5027: 5025: 5023: 5008: 4998: 4965: 4946: 4944: 4942: 4909: 4908: 4898: 4889:(6): 1145–1184. 4874: 4868: 4867: 4847: 4841: 4840: 4838: 4836: 4821: 4815: 4812: 4806: 4805: 4803: 4801: 4795: 4787: 4781: 4780: 4778: 4776: 4770: 4762: 4756: 4753: 4744: 4741: 4732: 4729: 4723: 4720: 4714: 4708: 4702: 4699: 4693: 4692: 4665: 4659: 4656: 4650: 4649: 4614: 4608: 4605: 4599: 4596: 4590: 4587: 4576: 4575: 4558:(6): 1341–1358. 4547: 4541: 4540: 4509:Energy Economics 4506: 4497: 4491: 4488: 4482: 4479: 4473: 4470: 4464: 4461: 4455: 4454: 4452: 4450: 4441:. Archived from 4435: 4429: 4428: 4418: 4400: 4382: 4358: 4352: 4349: 4343: 4342: 4340: 4338: 4323: 4317: 4316: 4314: 4313: 4304:. Archived from 4298: 4292: 4291: 4289: 4288: 4279:. Archived from 4273: 4267: 4264: 4255: 4252: 4243: 4240: 4234: 4231: 4225: 4222: 4216: 4215: 4213: 4212: 4206:APEconReview.com 4197: 4191: 4188: 4179: 4176: 4167: 4164: 4155: 4152: 4143: 4140: 4131: 4130: 4128: 4126: 4117:. Archived from 4110: 4095: 4092: 4079: 4076: 4070: 4067: 4061: 4058: 4052: 4049: 4043: 4040: 4034: 4031: 4025: 4022: 4016: 4013: 4007: 4004: 3998: 3995: 3986: 3983: 3974: 3971: 3962: 3959: 3950: 3947: 3941: 3938: 3929: 3926: 3920: 3917: 3911: 3908: 3902: 3899: 3893: 3890: 3884: 3881: 3875: 3872: 3863: 3860: 3851: 3848: 3842: 3839: 3830: 3829: 3805: 3799: 3798: 3796: 3795: 3784: 3645: 3612: 3605: 3579:−0.03 to −0.06 ( 3549:−0.31 (long run) 3528:broiler chickens 3484:Cigarettes (US) 3479: 3434: 3432: 3431: 3426: 3424: 3423: 3414: 3413: 3395: 3394: 3373: 3372: 3357: 3356: 3335: 3334: 3322: 3321: 3296: 3294: 3293: 3288: 3286: 3285: 3270: 3269: 3248: 3247: 3213: 3211: 3210: 3205: 3193: 3191: 3190: 3185: 3161: 3159: 3158: 3153: 3129: 3127: 3126: 3121: 3109: 3107: 3106: 3101: 3073: 3071: 3070: 3065: 3063: 3062: 3046: 3044: 3043: 3038: 3033: 3032: 3011: 3010: 2992: 2991: 2970: 2969: 2924: 2922: 2921: 2916: 2898: 2896: 2895: 2890: 2888: 2887: 2872: 2871: 2853: 2852: 2840: 2839: 2817: 2815: 2814: 2809: 2797: 2795: 2794: 2789: 2773: 2771: 2770: 2765: 2753: 2751: 2750: 2745: 2673: 2671: 2670: 2665: 2424:The price effect 2416: 2414: 2413: 2408: 2406: 2405: 2390: 2387: 2348: 2346: 2345: 2340: 2338: 2334: 2333: 2331: 2330: 2318: 2298: 2296: 2289: 2288: 2275: 2258: 2240: 2238: 2237: 2232: 2230: 2228: 2220: 2212: 2207: 2205: 2198: 2197: 2184: 2179: 2177: 2169: 2161: 2156: 2148: 2143: 2142: 2130: 2121: 2115: 2112: 2104: 2096: 2090: 2089: 2070: 2068: 2067: 2062: 2060: 2058: 2050: 2042: 2014: 2012: 2001: 1996: 1994: 1986: 1978: 1973: 1939:marginal revenue 1926: 1924: 1923: 1918: 1916: 1912: 1911: 1908: 1907: 1895: 1874: 1719: 1717: 1716: 1711: 1709: 1707: 1706: 1705: 1686: 1670: 1669: 1650: 1645: 1643: 1627: 1626: 1616: 1615: 1606: 1601: 1599: 1598: 1597: 1584: 1568: 1567: 1554: 1549: 1548: 1547: 1546: 1534: 1533: 1509: 1507: 1506: 1501: 1499: 1498: 1482: 1480: 1479: 1474: 1456: 1455: 1438: 1436: 1435: 1430: 1416: 1414: 1413: 1408: 1390: 1389: 1372: 1370: 1369: 1364: 1362: 1361: 1343: 1342: 1330: 1329: 1313: 1311: 1310: 1305: 1273: 1271: 1270: 1265: 1263: 1256: 1251: 1250: 1230: 1228: 1227: 1222: 1205: 1204: 1173: 1171: 1170: 1165: 1163: 1161: 1157: 1151: 1150: 1149: 1140: 1134: 1122: 1120: 1119: 1114: 1112: 1110: 1109: 1097: 1092: 1090: 1086: 1080: 1079: 1078: 1069: 1063: 1058: 1057: 1026:Point elasticity 1013: 1011: 1010: 1005: 1003: 1001: 993: 992: 991: 978: 973: 971: 970: 969: 968: 967: 950: 949: 948: 947: 932: 931: 930: 918: 917: 907: 902: 900: 892: 891: 890: 877: 872: 870: 866: 861: 860: 859: 858: 857: 840: 839: 838: 837: 822: 816: 812: 807: 806: 805: 793: 792: 782: 776: 771: 770: 717:point elasticity 703: 701: 700: 695: 669: 642: 640: 639: 634: 608: 573: 571: 570: 565: 553: 551: 550: 545: 533: 531: 530: 525: 523: 522: 518: 489: 487: 486: 481: 473: 444: 442: 441: 436: 410: 386: 381: 316: 314: 313: 308: 293: 291: 290: 285: 273: 271: 270: 265: 250: 248: 247: 242: 227: 225: 224: 219: 217: 215: 211: 199: 195: 183: 178: 177: 83: 81: 80: 75: 73: 72: 21: 6888: 6887: 6883: 6882: 6881: 6879: 6878: 6877: 6853: 6852: 6851: 6846: 6816: 6780: 6714: 6712: 6705: 6657: 6636: 6585:Overconsumption 6568:Family planning 6525: 6519: 6492: 6476: 6473: 6465: 6427: 6424: 6416: 6370: 6365: 6335: 6330: 6308: 6300: 6267: 6146: 5788:Deadweight loss 5725:Consumer choice 5703: 5698: 5644: 5639: 5630: 5628: 5626: 5611: 5602: 5600: 5598: 5583: 5577: 5564: 5555: 5553: 5551: 5536: 5527: 5525: 5523: 5508: 5499: 5497: 5495: 5480: 5474: 5459: 5453: 5440: 5431: 5429: 5427: 5412: 5406: 5393: 5387: 5374: 5368: 5355: 5349: 5336: 5330: 5317: 5311: 5295: 5286: 5284: 5282: 5267: 5258: 5252: 5239: 5230: 5228: 5226: 5211: 5205: 5190: 5181: 5179: 5177: 5162: 5156: 5143: 5137: 5122: 5116: 5103: 5097: 5084: 5049: 5043: 5030: 5021: 5019: 5011: 4968: 4962: 4949: 4940: 4938: 4936: 4921: 4917: 4912: 4876: 4875: 4871: 4849: 4848: 4844: 4834: 4832: 4823: 4822: 4818: 4813: 4809: 4799: 4797: 4793: 4789: 4788: 4784: 4774: 4772: 4768: 4764: 4763: 4759: 4754: 4747: 4742: 4735: 4730: 4726: 4721: 4717: 4709: 4705: 4700: 4696: 4667: 4666: 4662: 4657: 4653: 4616: 4615: 4611: 4606: 4602: 4597: 4593: 4588: 4579: 4549: 4548: 4544: 4504: 4499: 4498: 4494: 4489: 4485: 4480: 4476: 4471: 4467: 4462: 4458: 4448: 4446: 4437: 4436: 4432: 4373:(3): e0151390. 4360: 4359: 4355: 4350: 4346: 4336: 4334: 4325: 4324: 4320: 4311: 4309: 4300: 4299: 4295: 4286: 4284: 4275: 4274: 4270: 4265: 4258: 4253: 4246: 4241: 4237: 4232: 4228: 4223: 4219: 4210: 4208: 4199: 4198: 4194: 4189: 4182: 4177: 4170: 4165: 4158: 4153: 4146: 4141: 4134: 4124: 4122: 4113:Walbert, Mark. 4112: 4111: 4098: 4093: 4082: 4077: 4073: 4068: 4064: 4059: 4055: 4050: 4046: 4041: 4037: 4032: 4028: 4023: 4019: 4014: 4010: 4005: 4001: 3996: 3989: 3984: 3977: 3972: 3965: 3960: 3953: 3948: 3944: 3939: 3932: 3927: 3923: 3918: 3914: 3909: 3905: 3900: 3896: 3891: 3887: 3882: 3878: 3873: 3866: 3861: 3854: 3849: 3845: 3840: 3833: 3826: 3807: 3806: 3802: 3793: 3791: 3786: 3785: 3781: 3777: 3745: 3740: 3695:−0.405 (mobile) 3643: 3610: 3603: 3599:−0.47 (Austria) 3560:−0.87 (general) 3526:−0.5 to −0.6 ( 3515:−0.9 (discount) 3456: 3444: 3415: 3405: 3380: 3364: 3342: 3326: 3313: 3305: 3304: 3277: 3261: 3239: 3219: 3218: 3196: 3195: 3164: 3163: 3144: 3143: 3140: 3112: 3111: 3080: 3079: 3054: 3049: 3048: 3024: 3002: 2983: 2961: 2927: 2926: 2907: 2906: 2879: 2857: 2844: 2831: 2823: 2822: 2800: 2799: 2780: 2779: 2756: 2755: 2682: 2681: 2632: 2631: 2624: 2616: 2614:Optimal pricing 2568: 2554: 2525: 2509: 2493: 2477: 2461: 2397: 2381: 2380: 2365: 2359: 2322: 2310: 2306: 2280: 2279: 2251: 2246: 2245: 2221: 2213: 2189: 2188: 2170: 2162: 2134: 2105: 2097: 2081: 2076: 2075: 2051: 2043: 2005: 1987: 1979: 1966: 1961: 1960: 1937:′ is the 1899: 1886: 1882: 1867: 1862: 1861: 1855: 1752: 1738:Alfred Marshall 1726: 1697: 1687: 1661: 1651: 1618: 1617: 1607: 1589: 1585: 1559: 1555: 1538: 1525: 1520: 1515: 1514: 1490: 1485: 1484: 1447: 1441: 1440: 1419: 1418: 1381: 1375: 1374: 1353: 1334: 1321: 1316: 1315: 1279: 1278: 1242: 1233: 1232: 1196: 1191: 1190: 1187:demand function 1184: 1152: 1141: 1135: 1128: 1127: 1101: 1081: 1070: 1064: 1049: 1044: 1043: 1028: 1020:midpoint method 994: 983: 979: 959: 954: 939: 934: 933: 922: 909: 908: 893: 882: 878: 849: 844: 829: 824: 823: 817: 797: 784: 783: 777: 762: 757: 756: 731: 725: 645: 644: 584: 583: 556: 555: 536: 535: 506: 492: 491: 458: 457: 365: 364: 354:substitute good 296: 295: 276: 275: 253: 252: 233: 232: 200: 184: 163: 158: 157: 147: 64: 59: 58: 50: 43: 28: 23: 22: 15: 12: 11: 5: 6886: 6884: 6876: 6875: 6870: 6865: 6855: 6854: 6848: 6847: 6845: 6844: 6834: 6821: 6818: 6817: 6815: 6814: 6812:Sustainability 6809: 6804: 6799: 6794: 6788: 6786: 6785:Related topics 6782: 6781: 6779: 6778: 6773: 6768: 6763: 6758: 6753: 6748: 6743: 6738: 6733: 6728: 6723: 6717: 6715: 6710: 6707: 6706: 6704: 6703: 6698: 6697: 6696: 6691: 6686: 6676: 6674:Largest cities 6671: 6665: 6663: 6659: 6658: 6656: 6655: 6650: 6644: 6642: 6638: 6637: 6635: 6634: 6629: 6624: 6623: 6622: 6617: 6612: 6607: 6602: 6592: 6587: 6582: 6581: 6580: 6575: 6570: 6565: 6555: 6554: 6553: 6543: 6535: 6529: 6527: 6521: 6520: 6518: 6517: 6512: 6507: 6502: 6497: 6494:I = P × A × T 6490: 6485: 6479: 6477: 6470: 6467: 6466: 6464: 6463: 6458: 6453: 6448: 6447: 6446: 6436: 6430: 6428: 6421: 6418: 6417: 6415: 6414: 6409: 6404: 6399: 6394: 6389: 6384: 6378: 6376: 6372: 6371: 6366: 6364: 6363: 6356: 6349: 6341: 6332: 6331: 6329: 6328: 6318: 6305: 6302: 6301: 6299: 6298: 6293: 6291:Macroeconomics 6288: 6287: 6286: 6275: 6273: 6269: 6268: 6266: 6265: 6260: 6255: 6250: 6245: 6240: 6235: 6230: 6225: 6220: 6215: 6210: 6205: 6200: 6195: 6190: 6185: 6180: 6175: 6170: 6165: 6160: 6154: 6152: 6148: 6147: 6145: 6144: 6139: 6138: 6137: 6132: 6122: 6117: 6116: 6115: 6106: 6092: 6087: 6082: 6077: 6068: 6063: 6058: 6053: 6048: 6043: 6038: 6033: 6028: 6027: 6026: 6021: 6012: 6007: 6002: 5997: 5992: 5990:Price controls 5982: 5977: 5972: 5971: 5970: 5965: 5960: 5955: 5954: 5953: 5948: 5938: 5933: 5932: 5931: 5926: 5911: 5909:Market failure 5906: 5901: 5896: 5891: 5886: 5881: 5876: 5875: 5874: 5869: 5859: 5854: 5849: 5844: 5843: 5842: 5832: 5831: 5830: 5825: 5820: 5815: 5805: 5800: 5795: 5790: 5785: 5780: 5779: 5778: 5773: 5768: 5763: 5762: 5761: 5751: 5746: 5736: 5727: 5722: 5717: 5711: 5709: 5705: 5704: 5701:Microeconomics 5699: 5697: 5696: 5689: 5682: 5674: 5666: 5665: 5660: 5655: 5650: 5643: 5642:External links 5640: 5638: 5637: 5624: 5609: 5596: 5581: 5575: 5562: 5549: 5534: 5521: 5506: 5493: 5478: 5472: 5463:Microeconomics 5457: 5451: 5438: 5425: 5410: 5404: 5396:Microeconomics 5391: 5385: 5372: 5366: 5353: 5347: 5339:Microeconomics 5334: 5328: 5315: 5309: 5293: 5280: 5265: 5256: 5250: 5242:Microeconomics 5237: 5224: 5209: 5203: 5188: 5175: 5160: 5154: 5141: 5135: 5120: 5114: 5101: 5095: 5082: 5047: 5041: 5028: 5009: 4966: 4960: 4952:Microeconomics 4947: 4934: 4918: 4916: 4913: 4911: 4910: 4869: 4842: 4831:on 8 July 2011 4816: 4807: 4782: 4757: 4745: 4733: 4724: 4715: 4703: 4694: 4683:(1–2): 11–24. 4660: 4651: 4609: 4600: 4591: 4577: 4542: 4492: 4483: 4474: 4465: 4456: 4430: 4353: 4344: 4318: 4293: 4268: 4256: 4244: 4235: 4226: 4217: 4192: 4180: 4168: 4156: 4144: 4132: 4096: 4080: 4071: 4062: 4053: 4044: 4035: 4026: 4017: 4008: 3999: 3987: 3975: 3963: 3951: 3942: 3930: 3921: 3912: 3903: 3894: 3885: 3876: 3864: 3852: 3843: 3831: 3824: 3800: 3778: 3776: 3773: 3772: 3771: 3766: 3761: 3756: 3751: 3749:Arc elasticity 3744: 3741: 3737: 3736: 3732: 3731: 3730: 3729: 3723: 3722: 3721: 3715: 3714: 3713: 3710: 3709:−0.35 (Canada) 3707: 3701: 3700: 3699: 3696: 3690: 3689: 3688: 3682: 3681: 3680: 3673: 3666: 3660: 3659: 3658: 3654:Cannabis (US) 3652: 3651: 3650: 3647: 3640: 3634: 3633: 3632: 3624: 3623: 3622: 3621: 3620: 3617: 3614: 3607: 3600: 3594: 3593: 3592: 3586: 3585: 3584: 3577: 3573:Medicine (US) 3571: 3570: 3569: 3563: 3562: 3561: 3555: 3554: 3553: 3550: 3547: 3541: 3540: 3539: 3533: 3532: 3531: 3521: 3520: 3519: 3516: 3513: 3507: 3506: 3505: 3504:−1.5 (spirits) 3502: 3499: 3493: 3492: 3491: 3488: 3477: 3455: 3452: 3443: 3440: 3436: 3435: 3422: 3418: 3412: 3408: 3404: 3401: 3398: 3393: 3390: 3387: 3383: 3379: 3376: 3371: 3367: 3363: 3360: 3355: 3352: 3349: 3345: 3341: 3338: 3333: 3329: 3325: 3320: 3316: 3312: 3298: 3297: 3284: 3280: 3276: 3273: 3268: 3264: 3260: 3257: 3254: 3251: 3246: 3242: 3238: 3235: 3232: 3229: 3226: 3203: 3183: 3180: 3177: 3174: 3171: 3151: 3139: 3136: 3119: 3099: 3096: 3093: 3090: 3087: 3076: 3075: 3061: 3057: 3036: 3031: 3027: 3023: 3020: 3017: 3014: 3009: 3005: 3001: 2998: 2995: 2990: 2986: 2982: 2979: 2976: 2973: 2968: 2964: 2960: 2955: 2952: 2949: 2946: 2943: 2940: 2937: 2934: 2914: 2900: 2899: 2886: 2882: 2878: 2875: 2870: 2867: 2864: 2860: 2856: 2851: 2847: 2843: 2838: 2834: 2830: 2807: 2787: 2776: 2775: 2774:is a constant. 2763: 2743: 2740: 2737: 2734: 2731: 2728: 2725: 2722: 2719: 2716: 2713: 2710: 2707: 2704: 2701: 2698: 2695: 2692: 2689: 2675: 2674: 2663: 2660: 2657: 2654: 2651: 2648: 2645: 2642: 2639: 2623: 2620: 2615: 2612: 2564:Main article: 2553: 2550: 2538: 2537: 2521: 2511: 2505: 2495: 2489: 2479: 2473: 2463: 2457: 2435: 2434: 2431: 2428: 2425: 2418: 2417: 2404: 2400: 2396: 2393: 2358: 2355: 2350: 2349: 2337: 2329: 2325: 2321: 2316: 2313: 2309: 2304: 2301: 2295: 2292: 2287: 2283: 2278: 2273: 2270: 2267: 2264: 2261: 2257: 2254: 2242: 2241: 2227: 2224: 2219: 2216: 2210: 2204: 2201: 2196: 2192: 2187: 2182: 2176: 2173: 2168: 2165: 2159: 2154: 2151: 2146: 2141: 2137: 2133: 2127: 2124: 2118: 2111: 2108: 2103: 2100: 2093: 2088: 2084: 2072: 2071: 2057: 2054: 2049: 2046: 2039: 2036: 2033: 2030: 2027: 2024: 2020: 2017: 2011: 2008: 2004: 1999: 1993: 1990: 1985: 1982: 1976: 1972: 1969: 1958: 1948: 1947: 1941: 1928: 1927: 1915: 1906: 1902: 1898: 1892: 1889: 1885: 1880: 1877: 1873: 1870: 1854: 1851: 1850: 1849: 1830: 1827: 1824: 1821: 1814: 1811: 1795: 1792: 1785: 1782: 1778: 1775: 1771: 1768: 1760: 1751: 1748: 1725: 1722: 1721: 1720: 1704: 1700: 1696: 1693: 1690: 1685: 1682: 1679: 1676: 1673: 1668: 1664: 1660: 1657: 1654: 1648: 1642: 1639: 1636: 1633: 1630: 1625: 1621: 1614: 1610: 1604: 1596: 1592: 1588: 1583: 1580: 1577: 1574: 1571: 1566: 1562: 1558: 1552: 1545: 1541: 1537: 1532: 1528: 1523: 1497: 1493: 1471: 1468: 1465: 1462: 1459: 1454: 1450: 1427: 1405: 1402: 1399: 1396: 1393: 1388: 1384: 1360: 1356: 1352: 1349: 1346: 1341: 1337: 1333: 1328: 1324: 1302: 1299: 1296: 1293: 1290: 1287: 1262: 1259: 1255: 1249: 1245: 1241: 1220: 1217: 1214: 1211: 1208: 1203: 1199: 1182: 1160: 1156: 1148: 1144: 1139: 1124: 1123: 1108: 1104: 1100: 1095: 1089: 1085: 1077: 1073: 1068: 1061: 1056: 1052: 1027: 1024: 1015: 1014: 1000: 997: 990: 986: 982: 976: 966: 962: 957: 953: 946: 942: 937: 929: 925: 921: 916: 912: 905: 899: 896: 889: 885: 881: 875: 869: 864: 856: 852: 847: 843: 836: 832: 827: 820: 815: 810: 804: 800: 796: 791: 787: 780: 774: 769: 765: 749:arc elasticity 729:arc elasticity 727:Main article: 724: 723:Arc elasticity 721: 713:arc elasticity 693: 690: 687: 684: 681: 678: 675: 672: 668: 664: 661: 658: 655: 652: 632: 629: 626: 623: 620: 617: 614: 611: 607: 603: 600: 597: 594: 591: 563: 543: 521: 517: 513: 509: 505: 502: 499: 479: 476: 472: 468: 465: 434: 431: 428: 425: 422: 419: 416: 413: 409: 405: 402: 399: 396: 393: 390: 385: 380: 377: 373: 337:absolute value 306: 303: 283: 263: 260: 240: 229: 228: 214: 210: 206: 203: 198: 194: 190: 187: 181: 176: 173: 170: 166: 146: 143: 71: 67: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6885: 6874: 6871: 6869: 6866: 6864: 6861: 6860: 6858: 6843: 6835: 6833: 6832: 6823: 6822: 6819: 6813: 6810: 6808: 6805: 6803: 6800: 6798: 6795: 6793: 6792:Bennett's law 6790: 6789: 6787: 6783: 6777: 6774: 6772: 6769: 6767: 6764: 6762: 6759: 6757: 6754: 6752: 6749: 6747: 6744: 6742: 6739: 6737: 6734: 6732: 6729: 6727: 6724: 6722: 6719: 6718: 6716: 6713:organizations 6708: 6702: 6699: 6695: 6692: 6690: 6687: 6685: 6682: 6681: 6680: 6677: 6675: 6672: 6670: 6667: 6666: 6664: 6660: 6654: 6651: 6649: 6646: 6645: 6643: 6639: 6633: 6630: 6628: 6625: 6621: 6618: 6616: 6613: 6611: 6608: 6606: 6603: 6601: 6598: 6597: 6596: 6593: 6591: 6588: 6586: 6583: 6579: 6576: 6574: 6571: 6569: 6566: 6564: 6561: 6560: 6559: 6556: 6552: 6549: 6548: 6547: 6544: 6542: 6540: 6536: 6534: 6531: 6530: 6528: 6522: 6516: 6513: 6511: 6508: 6506: 6503: 6501: 6500:Kaya identity 6498: 6495: 6491: 6489: 6486: 6484: 6481: 6480: 6478: 6475: 6468: 6462: 6459: 6457: 6454: 6452: 6449: 6445: 6442: 6441: 6440: 6437: 6435: 6432: 6431: 6429: 6426: 6419: 6413: 6410: 6408: 6405: 6403: 6400: 6398: 6395: 6393: 6390: 6388: 6385: 6383: 6380: 6379: 6377: 6373: 6369: 6362: 6357: 6355: 6350: 6348: 6343: 6342: 6339: 6327: 6319: 6317: 6312: 6307: 6306: 6303: 6297: 6294: 6292: 6289: 6285: 6282: 6281: 6280: 6277: 6276: 6274: 6270: 6264: 6261: 6259: 6256: 6254: 6251: 6249: 6246: 6244: 6241: 6239: 6236: 6234: 6231: 6229: 6226: 6224: 6223:Institutional 6221: 6219: 6216: 6214: 6211: 6209: 6206: 6204: 6201: 6199: 6196: 6194: 6191: 6189: 6186: 6184: 6181: 6179: 6176: 6174: 6171: 6169: 6168:Computational 6166: 6164: 6161: 6159: 6156: 6155: 6153: 6149: 6143: 6140: 6136: 6133: 6131: 6128: 6127: 6126: 6123: 6121: 6118: 6114: 6113:Law of supply 6110: 6107: 6105: 6104:Law of demand 6101: 6098: 6097: 6096: 6093: 6091: 6090:Social choice 6088: 6086: 6083: 6081: 6078: 6076: 6075:Excess supply 6072: 6069: 6067: 6064: 6062: 6061:Risk aversion 6059: 6057: 6054: 6052: 6049: 6047: 6044: 6042: 6039: 6037: 6034: 6032: 6029: 6025: 6022: 6020: 6016: 6013: 6011: 6008: 6006: 6003: 6001: 5998: 5996: 5995:Price ceiling 5993: 5991: 5988: 5987: 5986: 5983: 5981: 5978: 5976: 5973: 5969: 5966: 5964: 5961: 5959: 5956: 5952: 5951:Complementary 5949: 5947: 5944: 5943: 5942: 5939: 5937: 5934: 5930: 5927: 5925: 5922: 5921: 5920: 5917: 5916: 5915: 5912: 5910: 5907: 5905: 5902: 5900: 5897: 5895: 5892: 5890: 5887: 5885: 5882: 5880: 5877: 5873: 5870: 5868: 5865: 5864: 5863: 5860: 5858: 5855: 5853: 5850: 5848: 5845: 5841: 5838: 5837: 5836: 5833: 5829: 5826: 5824: 5821: 5819: 5816: 5814: 5811: 5810: 5809: 5806: 5804: 5801: 5799: 5796: 5794: 5791: 5789: 5786: 5784: 5781: 5777: 5774: 5772: 5769: 5767: 5764: 5760: 5757: 5756: 5755: 5752: 5750: 5747: 5745: 5742: 5741: 5740: 5737: 5735: 5734:non-convexity 5731: 5728: 5726: 5723: 5721: 5718: 5716: 5713: 5712: 5710: 5706: 5702: 5695: 5690: 5688: 5683: 5681: 5676: 5675: 5672: 5668: 5664: 5661: 5659: 5656: 5654: 5651: 5649: 5646: 5645: 5641: 5627: 5621: 5617: 5616: 5610: 5599: 5593: 5589: 5588: 5582: 5578: 5572: 5568: 5563: 5552: 5546: 5542: 5541: 5535: 5524: 5518: 5514: 5513: 5507: 5496: 5490: 5486: 5485: 5479: 5475: 5469: 5465: 5464: 5458: 5454: 5448: 5444: 5439: 5428: 5422: 5419:. Blackwell. 5418: 5417: 5411: 5407: 5401: 5397: 5392: 5388: 5382: 5378: 5373: 5369: 5363: 5359: 5354: 5350: 5344: 5340: 5335: 5331: 5325: 5321: 5316: 5312: 5306: 5302: 5298: 5294: 5283: 5277: 5273: 5272: 5266: 5262: 5257: 5253: 5247: 5243: 5238: 5227: 5221: 5217: 5216: 5210: 5206: 5200: 5196: 5195: 5189: 5178: 5172: 5168: 5167: 5161: 5157: 5151: 5147: 5142: 5138: 5132: 5128: 5127: 5121: 5117: 5111: 5107: 5102: 5098: 5092: 5088: 5083: 5079: 5075: 5070: 5065: 5061: 5057: 5053: 5048: 5044: 5038: 5034: 5029: 5017: 5016: 5010: 5006: 5002: 4997: 4992: 4988: 4984: 4980: 4976: 4972: 4967: 4963: 4957: 4953: 4948: 4937: 4931: 4927: 4926: 4920: 4919: 4914: 4906: 4902: 4897: 4892: 4888: 4884: 4880: 4873: 4870: 4865: 4861: 4857: 4853: 4846: 4843: 4830: 4826: 4820: 4817: 4811: 4808: 4796:. SPC Network 4792: 4786: 4783: 4767: 4761: 4758: 4752: 4750: 4746: 4740: 4738: 4734: 4728: 4725: 4719: 4716: 4713: 4707: 4704: 4698: 4695: 4690: 4686: 4682: 4678: 4674: 4670: 4664: 4661: 4655: 4652: 4647: 4643: 4639: 4635: 4631: 4627: 4623: 4619: 4613: 4610: 4604: 4601: 4595: 4592: 4586: 4584: 4582: 4578: 4573: 4569: 4565: 4561: 4557: 4553: 4546: 4543: 4538: 4534: 4530: 4526: 4522: 4518: 4514: 4510: 4503: 4496: 4493: 4487: 4484: 4478: 4475: 4469: 4466: 4460: 4457: 4444: 4440: 4434: 4431: 4426: 4422: 4417: 4412: 4408: 4404: 4399: 4394: 4390: 4386: 4381: 4376: 4372: 4368: 4364: 4357: 4354: 4348: 4345: 4333: 4329: 4322: 4319: 4308:on 2012-11-13 4307: 4303: 4297: 4294: 4283:on 2012-11-13 4282: 4278: 4272: 4269: 4263: 4261: 4257: 4251: 4249: 4245: 4239: 4236: 4230: 4227: 4221: 4218: 4207: 4203: 4196: 4193: 4187: 4185: 4181: 4175: 4173: 4169: 4163: 4161: 4157: 4151: 4149: 4145: 4139: 4137: 4133: 4120: 4116: 4115:"Tutorial 4a" 4109: 4107: 4105: 4103: 4101: 4097: 4091: 4089: 4087: 4085: 4081: 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2628: 2621: 2619: 2613: 2611: 2607: 2604: 2600: 2596: 2592: 2588: 2583: 2581: 2577: 2573: 2567: 2566:tax incidence 2558: 2551: 2549: 2546: 2541: 2535: 2534:fiat currency 2531: 2530: 2524: 2520: 2516: 2512: 2508: 2504: 2500: 2496: 2492: 2488: 2484: 2480: 2476: 2472: 2468: 2464: 2460: 2456: 2452: 2448: 2444: 2443: 2442: 2439: 2432: 2429: 2426: 2423: 2422: 2421: 2402: 2398: 2394: 2391: 2379: 2378: 2377: 2369: 2364: 2356: 2354: 2335: 2327: 2323: 2319: 2314: 2311: 2307: 2302: 2299: 2293: 2290: 2285: 2281: 2276: 2271: 2268: 2265: 2262: 2259: 2255: 2252: 2244: 2243: 2225: 2217: 2208: 2202: 2199: 2194: 2190: 2185: 2174: 2166: 2157: 2152: 2149: 2144: 2139: 2135: 2125: 2122: 2116: 2109: 2101: 2091: 2086: 2082: 2074: 2073: 2055: 2047: 2037: 2034: 2031: 2028: 2022: 2018: 2009: 1997: 1991: 1983: 1974: 1970: 1967: 1959: 1957: 1953: 1952: 1951: 1945: 1942: 1940: 1936: 1933: 1932: 1931: 1913: 1904: 1900: 1896: 1890: 1887: 1883: 1878: 1875: 1871: 1868: 1860: 1859: 1858: 1852: 1847: 1843: 1839: 1835: 1831: 1829:Addictiveness 1828: 1825: 1822: 1819: 1815: 1813:Brand loyalty 1812: 1809: 1805: 1801: 1796: 1793: 1790: 1786: 1783: 1779: 1776: 1772: 1769: 1765: 1761: 1758: 1757: 1756: 1749: 1747: 1745: 1744: 1739: 1730: 1723: 1702: 1698: 1694: 1691: 1680: 1677: 1674: 1666: 1662: 1658: 1655: 1646: 1637: 1634: 1631: 1623: 1619: 1612: 1608: 1602: 1594: 1590: 1578: 1575: 1572: 1564: 1560: 1550: 1543: 1539: 1535: 1530: 1526: 1521: 1513: 1512: 1511: 1495: 1491: 1466: 1463: 1460: 1452: 1448: 1425: 1400: 1397: 1394: 1386: 1382: 1358: 1354: 1350: 1347: 1344: 1339: 1335: 1331: 1326: 1322: 1297: 1294: 1291: 1285: 1275: 1260: 1257: 1253: 1247: 1243: 1239: 1215: 1209: 1206: 1201: 1197: 1188: 1181: 1177: 1158: 1146: 1142: 1106: 1102: 1098: 1093: 1087: 1075: 1071: 1059: 1054: 1050: 1042: 1041: 1040: 1038: 1034: 1025: 1023: 1021: 998: 988: 984: 974: 964: 960: 955: 951: 944: 940: 935: 927: 923: 919: 914: 910: 903: 897: 887: 883: 873: 867: 862: 854: 850: 845: 841: 834: 830: 825: 818: 813: 808: 802: 798: 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Retrieved 3790:. 2020-01-14 3782: 3733: 3720:−0.3 to −0.7 3687:−0.2 to −0.3 3677:Mountain Dew 3662:Soft drinks 3606:(Bangladesh) 3568:−0.4 to −0.9 3535:Oil (World) 3473: 3461:test markets 3457: 3445: 3437: 3299: 3141: 3132: 3077: 2901: 2777: 2676: 2625: 2617: 2608: 2602: 2598: 2594: 2590: 2586: 2584: 2579: 2575: 2569: 2544: 2542: 2539: 2527: 2522: 2518: 2514: 2506: 2502: 2498: 2490: 2486: 2482: 2474: 2470: 2466: 2458: 2454: 2450: 2440: 2436: 2419: 2375: 2351: 1955: 1949: 1946:is the price 1943: 1934: 1929: 1856: 1804:fuel economy 1753: 1750:Determinants 1741: 1735: 1276: 1179: 1175: 1125: 1032: 1029: 1016: 747: 743: 739: 735: 732: 716: 712: 710: 576: 450:demand curve 446: 358: 344: 341: 323: 320: 230: 148: 135:test markets 128: 125: 119: 115: 108:Giffen goods 100: 92:elasticities 57: 53: 51: 6524:Society and 6483:Biocapacity 6208:Game theory 6173:Development 6120:Uncertainty 6000:Price floor 5980:Preferences 5919:Competition 5889:Information 5852:Externality 5835:Equilibrium 5776:Transaction 5754:Opportunity 5715:Aggregation 5631:28 February 5432:28 February 5379:. Pearson. 5231:28 February 5182:28 February 5022:11 December 4954:. Pearson. 4941:28 February 4835:9 September 4515:: 201–207. 4337:11 December 4125:27 February 3628:Trademarks 3501:−1.0 (wine) 1764:substitutes 6857:Categories 6711:Events and 6526:population 6472:Population 6423:Population 6368:Population 6238:Managerial 6158:Behavioral 6031:Production 5968:Oligopsony 5808:Elasticity 5720:Budget set 4915:References 4380:1602.08644 4312:2013-03-03 4287:2013-03-03 4211:2016-05-27 3794:2021-04-14 3636:Transport 3619:−0.55 (US) 3523:Livestock 2627:equation. 2587:relatively 2361:See also: 1838:cigarettes 1800:carpooling 1767:inelastic. 145:Definition 6807:Migration 6684:6 billion 6279:Economics 6151:Subfields 6046:Rationing 5963:Oligopoly 5958:Monopsony 5946:Bilateral 5879:Household 5730:Convexity 5615:Economics 5540:Economics 5512:Economics 5358:Economics 4925:Economics 4905:158193395 4646:219337939 4572:157328882 4407:1932-6203 3670:Coca-Cola 3581:pediatric 3543:Car fuel 3397:× 3386:ℓ 3359:× 3348:ℓ 3332:ℓ 3319:ℓ 3272:× 3250:× 3173:⁡ 3089:⁡ 3060:ℓ 3030:ℓ 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1261:P 1258:d 1254:/ 1248:d 1244:Q 1240:d 1219:) 1216:P 1213:( 1210:f 1207:= 1202:d 1198:Q 1183:d 1180:Q 1176:P 1159:P 1155:d 1147:d 1143:Q 1138:d 1107:d 1103:Q 1099:P 1088:P 1084:d 1076:d 1072:Q 1067:d 1060:= 1055:d 1051:E 999:P 989:d 985:Q 965:2 961:d 956:Q 952:+ 945:1 941:d 936:Q 928:2 924:P 920:+ 915:1 911:P 904:= 898:P 888:d 884:Q 868:) 863:2 855:2 851:d 846:Q 842:+ 835:1 831:d 826:Q 819:( 814:) 809:2 803:2 799:P 795:+ 790:1 786:P 779:( 773:= 768:d 764:E 686:= 683:) 671:( 667:/ 663:) 654:+ 651:( 622:) 613:+ 610:( 606:/ 602:) 590:( 562:E 542:a 520:E 516:/ 512:1 508:Q 504:a 501:= 498:P 478:Q 471:/ 467:P 427:= 424:) 418:1 415:+ 412:( 408:/ 404:) 392:( 389:= 384:d 379:g 376:c 372:E 305:Q 282:Q 262:P 239:P 213:P 209:/ 205:P 197:Q 193:/ 189:Q 180:= 172:P 165:E 70:d 66:E 56:( 49:. 42:. 20:)

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