The elasticity of demand
Andrew Gillespie
Oxford University Press eBooks · 2019 · 인용 1
This chapter considers the extent to which changes in a number of variables can affect demand. It explores demand in more detail before going on to supply and the interaction of supply and demand. It explains the concept of elasticity of demand.
The chapter also considers the meaning of price, income, and cross-price elasticity of demand. Finally, it tackles the significance of the concept of elasticity for a firm's planning as well as its limitations.