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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42 POLITICAL ECONOMY of elasticity in demand can be measured with reference to the elasticity which is termed “ unity.” Demand is said to have elastic unity when a fall in the price involves such increase of sales that the total amount paid for the aggregate of the thing sold remains the same. Beneath is represented a demand with an elasticity at first greater than unity, then equal to unity and finally less than unity. Let us suppose that the article referred to is some kind of soap. Price per lb. Total sal os in Total receipts in in pence. lbs. per month. pence per month. 10 .. .. 30 .. ..300 9 .. .. 40 .. .. 360 8 .. .. 50 .. .. 400 7 .. .. 60 .. ..420 6 .. .. 70 .. ..420 5 .. .. 84 .. .. 420 4 .. .. 100 .. .. 400 2 . . .. 150 .. .. 300 1 .. .. 250 .. ..250 demand is greater than prices lOd. and 7d., less than unity between the prices 5d. and Id., and equal to unity between the prices 7d. and 5d. The elasticity of unity between the One of the simplest generalisations in

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