Economic essays

Bibliographic data

Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Elasticity of supply as a determinant of distribution / Paul H. Douglas

Collection:: Economics Books

ELASTICITY OF SUPPLY AS A DETERMINANT OF DISTRIBUTION 85 Xo VY AX 15 P AX AP Xap Vo (P2+-Py) P In Figure 4, there are shown on a double logarithmic scale three supply curves of .5, 1.0, and 2.0 elasticities respectively. All assume constant elasticity throughout and on the logarithmic scale all are straight lines. Starting all the curves at a common point of inter- section which we may take as 1, the curve of unit elasticity bisects the angle at the base at 45°, while where the elastic- ities are .5 and 2.0, the angle is cut at 6714° and 221%4° respectively. It is of course true that virtually all supply as well as demand curves are not characterized by uni- form elasticity throughout but exhibit varying degrees of elasticity during their course. The supply of a factor may for example be relatively elastic for a considerable period and may then take a sharper pitch and become relatively inelastic. To simplify the discussion of the relative effects of differing elasticities of supply, however, we shall assume in the following discussion that the given elasticities apply throughout the supply schedules of any one factor. What is found to apply to the curve as a whole will, of course, apply to the movement around any one point where the elasticity is the same. Re - One other final distinction should be made clear. The supply of a factor will depend not only on its elasticity but on its posi- tion. Figure 5 shows two supply curves each of which has unit elasticity, but where different quantities are supplied at the same price because of the fact that their coefficients are different.

Access restriction

Copyright

fullscreen: Economic essays

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation