Economics is a social science that studies the collection, allocation and distribution of economic resources. Business owners use the study of economics to help them make business decisions. Not only ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

The concept of price elasticity of demand (PED) is fundamental to understanding the nature of demand. PED measures the ...

The American Economist is a leading refereed journal published by the International Honor Society in Economics – Omicron Delta Epsilon – for the enhancement of research in economics. It publishes ...

This is a preview. Log in through your library . Abstract A recent development in microeconomic theory suggests that the size of the elasticity of substitution between factors is relevant to economic ...