Price Elasticity of Demand and Disposable Income
Victoria University of Wellington
December 1, 2007
Journal of Business and Economic Perspectives, Vol. 33, No. 2, pp. 162-168, December 2007
Elasticity of demand is a concept that is widely understood because it is systematically taught in introductory economics courses. In view of the discord between the implications of the usual formula and the behaviour that it measures, however, perhaps it is time for a reappraisal. This article presents further development of the new approach to this issue that was described in the author’s recent paper in Kyklos.
Keywords: demand elasticity, consumer behaviour
JEL Classification: D31, E21, D11Accepted Paper Series
Date posted: January 10, 2010
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