Economics is a social science that studies the collection, allocation and distribution of economic resources. Business owners use the study of economics to help them make business decisions. Not only ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

This is a preview. Log in through your library . Abstract A recent development in microeconomic theory suggests that the size of the elasticity of substitution between factors is relevant to economic ...

The focus of the paper is to measure how consumption responds to changes in the interest rate. The equivalence between the effect of the interest rate, and the effect of mortality probabilities, on ...

Financial support for this research came from European Union. Our news journalists obtained a quote from the research from RAND, "First, we built up a dynamic model of a consumer's problem of utility ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...