Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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DEMAND 41 buy a thing, considered together. It is com pounded, of course, of individual demands and obeys the same law. The lower the price the larger will be the amount bought. Those who purchased before will purchase more because of the law of diminishing utility ; and some who previously found the price too high for them will be enabled to buy a little. In the study of many economic problems it will be found that the so-called elasticity of demand is an exceedingly fruitful conception. It applies both to individual demand and compound demand. Demand is said to be very elastic when a small drop in price causes a large addition to the amount sold. It is said to be only slightly elastic when a small drop in price means a small addition to the amount sold. Because of the law of demand formulated above, when price drops sales are bound to be augmented to some extent. In order to enable us to distinguish unhesitatingly between a comparatively elastic demand and a comparatively inelastic one, it is usual to adopt a conventional definition of the point at which the one becomes the other. This point plays the same part as freezing point with reference to temperature. Degrees of heat or coldness can be measured with reference to freezing point. So degrees

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