1869:
commodity. Suppose the elasticity of demand for the product is greater than 1. In that case, it means that a slight change in the product's price will cause a significant reduction in the consumer demand for the product. Therefore, companies should first make a careful study of the elasticity of demand for their products before setting prices. It ensures a broader profit range for the company. A real-life example is Apple. Apple used iOS, which is different from
Android, at the beginning of the launch of their phones. The clean and straightforward interface is an irreplaceable advantage of this system. Apple, meanwhile, has its unique text-message tone and call ringtone. In many small ways, Apple is building uniqueness. Phone users who are used to iOS develop a habit that makes it difficult to adapt to other systems, such as Android.
1032:
1865:
complementary commodities to price in a counterintuitive way deliberately. A company can sell one of its goods for less than the cost of making it and thus promote sales of its complementary products. Large profits on complementary products can make up for net losses in the business of its main products. Many large companies use this strategy, such as Sony. Sony's PlayStation consoles are sold below the cost of making them encourage the sale of games. Games and consoles are almost perfectly complementary. The reduction in the price of consoles will significantly increase the demand for games. As a result, Sony can make up for its net losses in the console business by making big profits in games
1954:
1882:
beverages helps set price-based policy interventions, as it measures the percentage change in demand for one type of alcohol due to a 1% change in the price of another type of beverage. For example, the cross elasticity of demand for wine in respect to the price change of spirit is 0.05, which implies that a 1% price decrease for Spirit will reduce market demand for wine by 5%. Therefore, the cross elasticity of demand enables policymakers to take better control of the policy effects, thus, reducing the risk for mortality, morbidity, and other social harms caused by over-drinking.
1731:
1721:
1711:
1933:
40:
4023:
3507:
867:
1891:
firms to cautiously selecting products with high dependence on complements. On the other hand, the high-positive cross elasticity of demand reflects high substitutability of goods, which means customers' demand can be fulfilled by other products easily. Businesses that understand the implications of high-positive cross elasticity of demand can reduce their operating risk by avoiding overstock, thus, maintaining a sustainable supply chain.
3496:
855:
4011:
1018:. If products A and B are complements, an increase in the price of B leads to a decrease in the quantity demanded for A, as A is used in conjunction with B. Equivalently, if the price of product B decreases, the demand curve for product A shifts to the right reflecting an increase in A's demand, resulting in a
1890:
A high coefficient of negative cross-price elasticity implies that the sales of product A are decided by the sales of product B. If the demand of A significantly depends on the demand of B, there must be a reduction in the profit of A. In this case, the cross elasticity of demand is a reminder to the
1881:
The UK and
Scottish governments intended to use price-based policy interventions, like setting minimum unit pricing and increasing taxation to reduce alcohol consumption and mediate the related harms among their population. Estimation of cross-price elasticities of alcohol in respect to other related
1899:
Knowledge of a firm's cross elasticity of demand and their competitors' allows them to map out the market, enabling them to calculate the number of rivals and the importance of their complementary (and substitute) products relative to their own. Firms can develop strategies to reduce their exposure
1868:
Besides, unique and irreplaceable products enable companies to sell their products at higher prices. Because of the uniqueness of the product, companies do not worry too much about consumers switching to other products. However, the specific price setting should also follow the demand curve of the
1051:
in the same direction, so he firstly regarded that movement of two prices in the same direction explicitly reflects a high cross-price elasticity. However, during 1924–1940, du Pont cellophane prices moved independently from its perceived competitors' (waxed paper, vegetable parchment, etc) price;
1864:
An enterprise needs to understand the cross-elastic demand for a product or service. Cross-elastic demand can help enterprises set prices and identify the sensitivity of others to their products. For example, a strategic "loss leader" takes advantage of the negative cross elasticity of demand for
1799:
Approximate estimates of the cross price elasticities of preference-independent bundles of goods (e.g. food and education, healthcare and clothing, etc.) can be calculated from the income elasticities of demand and market shares of individual bundles, using established models of demand based on a
1872:
Finally, the providers of substitutes need to be aware of the competitors of their products through detailed market research. The company can reduce the sensitivity of competitors' products by increasing customer loyalty. For example, the recently hot quality stars are invited to endorse their
1263:
1873:
company's products. It can attract some of the star's loyalists to the product, thus increasing the overall loyalty. Alternatively, the company could spend more money on advertising to make consumers aware of the difference between its product and that of its competitors.
1004:
1689:, as shown by the decrease in demand for cars when the price for fuel will rise. In the case of perfect substitutes, the cross elasticity of demand is equal to positive infinity (at the point when both goods can be consumed). Where the two goods are
1052:
independent price movements reflect noncompetitive pricing between cellophane and its rival products. Thus, Professor
Stocking's emphasis on the same movement of prices was too rigid, as the price of cellophane changed induced by three factors:
1349:. Consumers purchase less B when the price of A increases. Example: the cross elasticity of demand of entertainment with respect to food is −0.72, so 1% increase in the price of food will decrease the demand for entertainment by 0.72%.
1307:. Consumers purchase more B when the price of A increases. Example: the cross elasticity of demand of butter with respect to margarine is 0.81, so 1% increase in the price of margarine will increase the demand for butter by 0.81%.
2245:
1022:
value for the cross elasticity of demand. If A and B are substitutes, an increase in the price of B will increase the market demand for A, as customers would easily replace B with A, like McDonald's and Domino's Pizza.
960:
1929:(InBev's closest rival) in 2015, it was one of the biggest takeover of a British firm, creating the world's first global brewer. The takeover created a brewing empire that produces a third of the world's beer.
1107:
2816:
1945:
Firms may gain better control of the market by merging with suppliers of complementary products. Developing their own complementary products is another possible solution. For example, Google developing
1699:, if a good is independent in demand then the demand of that good is independent of the quantity consumed of all other goods available to the consumer, the cross elasticity of demand will be
1982:
factory, Ericsson couldn't fulfill their orders. Sony wanted a greater market share and
Ericsson wanted to avoid going out of business, hence the Sony-Ericsson joint venture was formed.
1950:
is an attempt by Google to capture the smartphone market share by integrating both its software and hardware features for improved performance while being more resource efficient.
1623:
1343:
1301:
1385:
1556:
1074:
factors. Furthermore, instead of a high positive or low positive elasticity concluded by observing respective price change, cross-elasticity of demand should be either
1066:
In other words, the competitive relationship between two goods (cross-price elasticity) can not be simply concluded by price change, as price change arises from both
1670:
3915:
1900:
to the risks they are imposed to by price changes of other firms, such as an increase in the price of a complement or a decrease in the price of a substitute.
2558:"Estimation of own and cross price elasticities of alcohol demand in the UK—A pseudo-panel approach using the Living Costs and Food Survey 2001–2009"
2684:
1258:{\displaystyle \eta _{BA}={\frac {\Delta Q_{B}/Q_{B}}{\Delta P_{A}/P_{A}}}={\frac {P_{A}}{Q_{B}}}\cdot {\frac {\Delta Q_{B}}{\Delta P_{A}}}}
1714:
Two goods that complement each other show a negative cross elasticity of demand: as the price of good Y rises, the demand for good X falls
1395:
to demand change of good B), so changes in the price of product A have no effect on the demand for
Product B. Example: bread and cloths .
3940:
1734:
Two goods that are independent have a zero cross elasticity of demand: as the price of good Y rises, the demand for good X stays constant
897:
829:
3853:
2437:"Relationship between the Uncompensated Price Elasticity and the Income Elasticity of Demand under Conditions of Additive Preferences"
3377:
2177:
1913:
In markets with few competitors, cross elasticity between rivals are likely to be high, this makes firms in the market vulnerable to
2201:"The du Pont Cellophane Case Revisited: An Analysis of the Indirect Effects of Antitrust Policy on Market Structure and Performance"
1724:
Two goods that are substitutes have a positive cross elasticity of demand: as the price of good Y rises, the demand for good X rises
3885:
3576:
2876:
2556:
Meng, Yang; Brennan, Alan; Purshouse, Robin; Hill-Mcmanus, Daniel; Angus, Colin; Holmes, John; Meier, Petra Sylvia (1 March 2014).
1496:
two goods are. In general, monopolies usually possess a low-positive cross elasticity of demand with respect to their competitors.
2418:
Capps, O. and
Dharmasena, S., "Enhancing the Teaching of Product Substitutes/Complements: A Pedagogical Note on Diversion Ratios",
1974:
had a share of less than 1% in the mobile phone market; while
Ericsson was the third largest market share holder. Unfortunately,
1780:
can be written as the product of the ratio of the cross-elasticity to the own-elasticity and the ratio of the demand for product
1010:
of the cross elasticity indicates the relationship between two goods. A negative cross elasticity denotes two products that are
999:{\displaystyle {\text{XED}}={\frac {\%{\text{ change in quantity demanded of good A}}}{\%{\text{ change in price of good B}}}}}
2767:
2147:
3543:
2657:
3945:
2835:
2631:
2605:
2091:"Inventory of complementary products with stock dependent demand under vendor managed inventory with consignment policy"
4015:
3837:
2806:
2786:
1580:
1031:
3591:
938:
of another good. This reflects the fact that the quantity demanded of good is dependent on not only its own price (
4047:
3986:
3920:
1742:
When goods are substitutable, the diversion ratio, which quantifies how much of the displaced demand for product
890:
1519:
3935:
2045:
1504:
If the absolute value of the cross elasticity of demand is greater than 1, the cross elasticity of demand is
228:
1750:, is measured by the ratio of the cross-elasticity to the own-elasticity multiplied by the ratio of product
490:
3068:
2869:
1643:
1565:
If the absolute value of the cross elasticity of demand between 1 and 0, the cross elasticity of demand is
1047:, Professor Stocking believed that a change in the price of one product will induce a price change of its
3960:
3950:
3863:
3769:
3362:
3314:
3002:
2035:
1764:
s demand. In the discrete case, the diversion ratio is naturally interpreted as the fraction of product
839:
59:
49:
2729:
3832:
3024:
3012:
3007:
2030:
2025:
939:
883:
833:
363:
353:
1953:
3742:
3566:
3442:
2967:
2918:
2423:
1979:
1312:
1270:
243:
2513:
LIU, HONGJU (2010). "Dynamics of
Pricing in the Video Game Console Market: Skimming or Penetratio".
2200:
3747:
3536:
3108:
2977:
949:
between the percentage change of the quantity demanded for a good and the percentage change in the
812:
550:
505:
358:
127:
71:
1354:
565:
3689:
3510:
3407:
3402:
3352:
3225:
3103:
2862:
515:
323:
313:
273:
263:
170:
93:
3858:
3816:
3811:
3694:
3571:
3427:
3387:
3382:
3164:
3135:
2992:
2914:
2020:
2001:, even though collusive agreements may be implicit, its implication with cartels are the same.
685:
530:
268:
208:
165:
112:
2715:
3925:
3789:
3628:
3372:
3357:
3073:
2271:"Review of Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory"
1788:. In some cases, it has a natural interpretation as the proportion of people buying product
1703:
i.e. if the price of one good changes, there will be no change in demand for the other good.
1685:; that is, one is used with the other. In these cases the cross elasticity of demand will be
819:
500:
475:
460:
318:
258:
238:
233:
3955:
3910:
3878:
3873:
3799:
3774:
3730:
3422:
3342:
3274:
3189:
3083:
3019:
2458:
1922:
570:
392:
343:
308:
248:
213:
117:
107:
54:
1573:
change in quantity demanded for good B. In other words, a change in price of good A has a
1512:
change in quantity demanded for good B. In other words, a change in price of good A has a
8:
4026:
3804:
3635:
3586:
3529:
3437:
3264:
3113:
3056:
2899:
1932:
1808:
Below are some examples of the cross-price elasticity of demand (XED) for various goods:
1730:
1720:
1710:
796:
605:
427:
368:
293:
283:
253:
180:
88:
2462:
465:
3930:
3868:
3656:
3645:
3623:
3618:
3607:
3347:
3293:
3220:
3130:
3088:
3078:
3046:
3041:
2987:
2982:
2810:
2582:
2557:
2538:
2530:
2481:
2448:
2436:
2401:
2220:
2153:
1632:
If the value of the cross elasticity of demand is 1, the cross elasticity of demand is
1044:
1007:
824:
780:
585:
422:
417:
397:
348:
288:
278:
223:
218:
190:
185:
155:
23:
1993:. The chances of collusion to occur is higher in markets with few competitors such as
1035:
Alfred
Marshall's book, where the concept 'price elasticity of demand' originated from
3905:
3779:
3672:
3581:
3480:
3468:
3447:
3417:
3279:
3203:
3159:
2802:
2782:
2763:
2703:
2587:
2542:
2486:
2328:
2290:
2224:
2157:
2143:
2108:
2065:
2015:
1914:
1691:
715:
690:
600:
480:
437:
373:
338:
328:
160:
122:
78:
2246:"Lesson Overview – Cross Price Elasticity and Income Elasticity of Demand (article)"
640:
3981:
3976:
3762:
3757:
3640:
3596:
3432:
3412:
3319:
3269:
3240:
3098:
3063:
2960:
2938:
2577:
2573:
2569:
2522:
2476:
2466:
2393:
2366:
2282:
2212:
2135:
2098:
1971:
1921:, could reduce said risks by reducing competition in the market. For example, when
931:
765:
710:
695:
680:
665:
595:
575:
555:
510:
383:
333:
303:
298:
2127:
2066:"OECD Glossary of Statistical Terms – Cross price elasticity of demand Definition"
645:
4052:
3991:
3752:
3500:
2972:
2909:
2471:
2139:
2128:"Some Studies on EPQ Model of Substitutable Products Under Imprecise Environment"
1696:
1681:
1040:
954:
859:
770:
735:
700:
635:
560:
545:
432:
407:
402:
378:
150:
145:
3996:
3475:
3215:
3174:
3093:
2885:
2216:
2040:
1998:
790:
775:
740:
725:
705:
675:
495:
412:
102:
98:
2370:
525:
4041:
3735:
3684:
3397:
3297:
3288:
3259:
3245:
3235:
3179:
2943:
2933:
2923:
2332:
2294:
2112:
1994:
1967:
755:
745:
720:
660:
655:
650:
630:
620:
590:
580:
485:
388:
1772:
as a second choice, measuring how much of the demand diverting from product
39:
3784:
3367:
3199:
3194:
2928:
2591:
2490:
2103:
2090:
1947:
871:
785:
730:
625:
615:
610:
535:
83:
2526:
1488:
two products are; thus, the more competition between them. Similarly, the
3667:
3392:
3304:
3184:
3036:
2950:
2384:
Bordley, Robert F. (1985). "Relating
Elasticities to Changes in Demand".
760:
750:
540:
175:
2534:
2316:
3552:
3152:
2904:
2405:
2270:
1986:
670:
470:
3722:
3463:
3230:
3147:
3142:
2955:
2089:
Hemmati, M.; Fatemi Ghomi, S.M.T.; Sajadieh, Mohsen S. (2017-09-04).
2010:
1990:
1926:
1679:
For two goods, fuel and new cars (consists of fuel consumption), are
911:
520:
451:
31:
2397:
2286:
1978:
relied heavily on a single supplier, and when a fire broke out at a
1636:, this means that a change in price of good A results in an exactly
3794:
3717:
3678:
3255:
3250:
3125:
2453:
1975:
1966:
Competitors may pool resources to create a joint alliance, such as
1936:
SABMiller and AB InBev company comparison during the takeover, 2015
2685:"Snapback: Google Pixel and the move towards vertical integration"
2632:"Cross elasticity of demand | Economics Online | Economics Online"
2424:
https://www.aaea.org/UserFiles/file/AETR_2019_001ProofFinal_v1.pdf
3309:
3208:
3120:
2854:
1918:
2555:
3699:
3495:
3284:
1985:
Firms entering into a price fixing agreement in order to avoid
1885:
1071:
935:
854:
1803:
1043:
predicted relative changes between price and quantity. In the
3521:
3169:
3051:
3031:
1014:, while a positive cross elasticity denotes two products are
950:
946:
2359:
Bulletin de l'Institut de Recherches Économiques et Sociales
1577:
small impact on the change in quantity demanded for good B.
1062:
The slope and position of the cost curves of rival products.
3326:
2088:
1569:, this means that a change in price of good A results in a
1516:
high impact on the change in quantity demanded for good B.
1508:, this means that a change in price of good A results in a
1067:
1039:
The concept of "price elasticity of demand" originated by
2178:"The Cellophane Case and the Cross-Elasticity of Demand"
3916:
International Conference on Population and Development
1056:
Change in demand due to price change of rival products
1876:
1646:
1583:
1522:
1445:
unrelated goods (neither complements or substitutes)
1357:
1315:
1273:
1110:
963:
930:) measures the effect of changes in the price of one
945:
The cross elasticity of demand is calculated as the
2134:, Singapore: Springer Singapore, pp. 331–360,
1776:because of a price increase is diverted to product
2658:"SABMiller agrees AB Inbev takeover deal of £68bn"
1925:(the world's biggest brewer at the time) acquired
1674:
1664:
1617:
1550:
1379:
1337:
1295:
1257:
998:
1894:
1085:
4039:
1404:If the sign of cross elasticity of demand is...
2807:Food and Agricultural Policy Research Institute
942:) but also the price of other "related" good.
1859:
3537:
2870:
2386:Journal of Business & Economic Statistics
2314:
1492:the negative cross elasticity of demand, the
1484:the positive cross elasticity of demand, the
1399:Interpretation of cross elasticity of demand
891:
2357:. New York, Macmillan, 1952, VII p. 340 P".
1886:Contribution to the sustainable supply chain
1804:Selected cross price elasticities of demand
3941:United Nations world population conferences
980: change in quantity demanded of good A
3854:Population and housing censuses by country
3544:
3530:
2877:
2863:
1961:
1080:complementary or substitutive relationship
898:
884:
2781:(5 ed.). South-Western College Pub.
2581:
2480:
2470:
2452:
2434:
2102:
1908:
1059:The production function of the cellophane
16:Economic measure of a good's price change
3577:Estimates of historical world population
2317:"The Concept of Elasticity in Economics"
1952:
1931:
1729:
1719:
1709:
1640:change in quantity demanded for good B.
1030:
2730:"History of sony ericsson as a company"
2383:
2198:
2125:
1940:
1903:
4040:
2776:
2422:, Vol. 1, Issue 1, pp. 32–45, (2019),
2175:
2126:Das, R. L.; Jana, R. K. (2019-09-01),
3525:
2858:
2757:
2268:
1957:Google Pixel and Pixel XL smartphones
1475:
1092:product B with respect to product A (
4010:
2420:Applied Economics Teaching Resources
3946:Voluntary Human Extinction Movement
2512:
1560:
13:
3433:Microfoundations of macroeconomics
2884:
1917:. Horizontal integration, usually
1877:Contribution to policy improvement
1239:
1224:
1160:
1130:
985:
975:
14:
4064:
3838:Population and Development Review
2803:Database for Commodity Elasticity
2796:
1627:
1499:
4022:
4021:
4009:
3886:Population concern organizations
3592:Projections of population growth
3506:
3505:
3494:
865:
853:
38:
3987:Human impact on the environment
3921:Population Action International
2722:
2682:
2676:
2650:
2624:
2598:
2549:
2506:
2497:
2428:
2412:
2377:
1675:Results for main types of goods
1618:{\displaystyle 0<|XED|<1}
1458:somewhat or highly substitutes
1434:highly or somewhat complements
1338:{\displaystyle \eta _{BA}<0}
1296:{\displaystyle \eta _{BA}>0}
990: change in price of good B
140:Concepts, theory and techniques
3936:United Nations Population Fund
3551:
2574:10.1016/j.jhealeco.2013.12.006
2346:
2308:
2262:
2238:
2192:
2169:
2119:
2082:
2058:
2046:Yield elasticity of bond value
1895:Contribution to firm reactions
1605:
1591:
1538:
1524:
1090:Cross elasticity of demand of
1086:Calculation and interpretation
1:
2762:(7th ed.). McGraw-Hill.
2751:
2515:Journal of Marketing Research
1997:. It is illegal according to
1989:means they are involved in a
1391:(a price change of good A is
2836:"Cross Elasticity of Demand"
2779:Principles of Microeconomics
2606:"Cross elasticity of demand"
2472:10.1371/journal.pone.0151390
2315:Surányi-Unger, Theo (1949).
2140:10.1007/978-981-13-9698-4_18
1768:demand which treats product
1380:{\displaystyle \eta _{BA}=0}
7:
3961:World Population Foundation
3951:World Population Conference
3864:World population milestones
3378:Civil engineering economics
3363:Statistical decision theory
3003:Income elasticity of demand
2817:"Other Demand Elasticities"
2760:Microeconomics and Behavior
2562:Journal of Health Economics
2435:Sabatelli, Lorenzo (2016).
2321:Weltwirtschaftliches Archiv
2275:Political Science Quarterly
2036:Income elasticity of demand
2004:
1860:Application and Implication
1792:who would consider product
1078:to represent if there is a
10:
4069:
3833:Population and Environment
3013:Price elasticity of supply
3008:Price elasticity of demand
2998:Cross elasticity of demand
2217:10.1177/0003603X8002500406
2031:Price elasticity of supply
2026:Price elasticity of demand
1784:to the demand for product
1551:{\displaystyle |XED|>1}
1026:
940:price elasticity of demand
4005:
3969:
3894:
3846:
3825:
3743:Human population planning
3708:
3654:
3605:
3567:Demographics of the world
3559:
3489:
3456:
3335:
2892:
2371:10.1017/S1373971900100782
3748:Compulsory sterilization
3069:Income–consumption curve
2777:Mankiw, Gregory (2009).
2689:The Spiceworks Community
2176:Lishan, John M. (1959).
2051:
128:JEL classification codes
3690:Malthusian growth model
3403:Industrial organization
1962:Alliances and collusion
1800:differential approach.
1796:their "second choice".
1571:less than proportionate
1510:more than proportionate
314:Industrial organization
171:Computational economics
4048:Elasticity (economics)
3817:Zero population growth
3812:Sustainable population
3736:Malthusian catastrophe
3695:Overshoot (population)
3572:Demographic transition
2758:Frank, Robert (2008).
2104:10.24200/sci.2017.4457
2021:Elasticity (economics)
1958:
1937:
1909:Horizontal integration
1817:Good with price change
1735:
1725:
1715:
1695:, or, as described in
1666:
1619:
1552:
1387:implies two goods are
1381:
1345:implies two goods are
1339:
1303:implies two goods are
1297:
1259:
1036:
1000:
166:Experimental economics
3926:Population Connection
3790:Mere addition paradox
3629:Physiological density
3373:Engineering economics
2968:Cost–benefit analysis
2527:10.1509/jmkr.47.3.428
2269:Clark, J. M. (1940).
2199:Waldman, Don (1980).
1995:oligopolistic markets
1956:
1935:
1733:
1723:
1713:
1667:
1665:{\displaystyle XED=1}
1620:
1553:
1407:the elasticity range
1382:
1340:
1298:
1260:
1034:
1001:
3956:World Population Day
3911:Church of Euthanasia
3800:Non-identity problem
3775:Political demography
3731:Human overpopulation
3190:Price discrimination
3084:Intertemporal choice
2503:Frank (2008) p. 186.
1970:in October of 2001.
1941:Vertical integration
1923:Anheuser-Busch InBev
1904:Potential strategies
1757:s demand to product
1746:switches to product
1644:
1581:
1520:
1469:perfect substitutes
1421:perfect complements
1355:
1313:
1271:
1108:
1076:positive or negative
961:
924:elasticity of demand
393:Social choice theory
3805:Reproductive rights
3636:Population dynamics
3587:Population momentum
3501:Business portal
3438:Operations research
3265:Substitution effect
2463:2016PLoSO..1151390S
2355:The Theory of Price
1400:
1082:between two goods.
860:Business portal
181:Operations research
161:National accounting
3931:Population Matters
3646:Population pyramid
3624:Population density
3619:Population decline
3079:Indifference curve
3047:Goods and services
2988:Economies of scope
2983:Economies of scale
2811:University of Iowa
2714:has generic name (
2205:Antitrust Bulletin
2182:Antitrust Bulletin
1959:
1938:
1736:
1726:
1716:
1662:
1615:
1548:
1494:more complementary
1486:more substitutable
1476:Degree of response
1398:
1377:
1335:
1293:
1255:
1037:
996:
191:Industrial complex
186:Middle income trap
4035:
4034:
3906:7 Billion Actions
3780:Population ethics
3673:Carrying capacity
3582:Population growth
3519:
3518:
3481:Political economy
3280:Supply and demand
3160:Pareto efficiency
2842:. 13 January 2020
2769:978-0-07-126349-8
2683:Inc, Spiceworks.
2664:. 13 October 2015
2638:. 13 January 2020
2612:. 13 January 2020
2149:978-981-13-9697-7
2016:Supply and demand
1915:price competition
1857:
1856:
1740:
1739:
1473:
1472:
1253:
1216:
1189:
994:
991:
981:
967:
953:of another good,
936:quantity demanded
908:
907:
4060:
4025:
4024:
4013:
4012:
3982:Green Revolution
3763:Two-child policy
3758:One-child policy
3681:
3641:Population model
3597:World population
3546:
3539:
3532:
3523:
3522:
3509:
3508:
3499:
3498:
3241:Returns to scale
3099:Market structure
2879:
2872:
2865:
2856:
2855:
2851:
2849:
2847:
2840:Economics Online
2831:
2829:
2827:
2792:
2773:
2745:
2744:
2742:
2740:
2726:
2720:
2719:
2713:
2709:
2707:
2699:
2697:
2695:
2680:
2674:
2673:
2671:
2669:
2654:
2648:
2647:
2645:
2643:
2636:Economics Online
2628:
2622:
2621:
2619:
2617:
2610:Economics Online
2602:
2596:
2595:
2585:
2553:
2547:
2546:
2510:
2504:
2501:
2495:
2494:
2484:
2474:
2456:
2432:
2426:
2416:
2410:
2409:
2381:
2375:
2374:
2350:
2344:
2343:
2341:
2339:
2312:
2306:
2305:
2303:
2301:
2266:
2260:
2259:
2257:
2256:
2242:
2236:
2235:
2233:
2231:
2196:
2190:
2189:
2173:
2167:
2166:
2165:
2164:
2123:
2117:
2116:
2106:
2095:Scientia Iranica
2086:
2080:
2079:
2077:
2076:
2062:
1811:
1810:
1763:
1756:
1706:
1705:
1671:
1669:
1668:
1663:
1624:
1622:
1621:
1616:
1608:
1594:
1561:Inelastic demand
1557:
1555:
1554:
1549:
1541:
1527:
1455:
1431:
1401:
1397:
1386:
1384:
1383:
1378:
1370:
1369:
1344:
1342:
1341:
1336:
1328:
1327:
1302:
1300:
1299:
1294:
1286:
1285:
1264:
1262:
1261:
1256:
1254:
1252:
1251:
1250:
1237:
1236:
1235:
1222:
1217:
1215:
1214:
1205:
1204:
1195:
1190:
1188:
1187:
1186:
1177:
1172:
1171:
1158:
1157:
1156:
1147:
1142:
1141:
1128:
1123:
1122:
1005:
1003:
1002:
997:
995:
993:
992:
989:
983:
982:
979:
973:
968:
965:
900:
893:
886:
872:Money portal
870:
869:
868:
858:
857:
354:Natural resource
146:Economic systems
42:
19:
18:
4068:
4067:
4063:
4062:
4061:
4059:
4058:
4057:
4038:
4037:
4036:
4031:
4001:
3965:
3899:
3897:
3890:
3842:
3821:
3770:Overconsumption
3753:Family planning
3710:
3704:
3677:
3661:
3658:
3650:
3612:
3609:
3601:
3555:
3550:
3520:
3515:
3493:
3485:
3452:
3331:
2973:Deadweight loss
2910:Consumer choice
2888:
2883:
2845:
2843:
2834:
2825:
2823:
2815:
2799:
2789:
2770:
2754:
2749:
2748:
2738:
2736:
2728:
2727:
2723:
2711:
2710:
2701:
2700:
2693:
2691:
2681:
2677:
2667:
2665:
2656:
2655:
2651:
2641:
2639:
2630:
2629:
2625:
2615:
2613:
2604:
2603:
2599:
2568:(100): 96–103.
2554:
2550:
2511:
2507:
2502:
2498:
2447:(3): e0151390.
2433:
2429:
2417:
2413:
2398:10.2307/1391869
2382:
2378:
2365:(1): 97. 1953.
2353:"G. J. Stigler
2352:
2351:
2347:
2337:
2335:
2313:
2309:
2299:
2297:
2287:10.2307/2143778
2267:
2263:
2254:
2252:
2244:
2243:
2239:
2229:
2227:
2197:
2193:
2174:
2170:
2162:
2160:
2150:
2132:Asset Analytics
2124:
2120:
2087:
2083:
2074:
2072:
2064:
2063:
2059:
2054:
2007:
1964:
1943:
1911:
1906:
1897:
1888:
1879:
1862:
1806:
1761:
1754:
1697:consumer theory
1677:
1645:
1642:
1641:
1630:
1604:
1590:
1582:
1579:
1578:
1563:
1537:
1523:
1521:
1518:
1517:
1502:
1478:
1453:
1429:
1362:
1358:
1356:
1353:
1352:
1320:
1316:
1314:
1311:
1310:
1278:
1274:
1272:
1269:
1268:
1246:
1242:
1238:
1231:
1227:
1223:
1221:
1210:
1206:
1200:
1196:
1194:
1182:
1178:
1173:
1167:
1163:
1159:
1152:
1148:
1143:
1137:
1133:
1129:
1127:
1115:
1111:
1109:
1106:
1105:
1098:
1088:
1045:Cellophane case
1041:Alfred Marshall
1029:
988:
984:
978:
974:
972:
964:
962:
959:
958:
955:ceteris paribus
904:
866:
864:
852:
845:
844:
815:
805:
804:
803:
802:
566:von Böhm-Bawerk
454:
443:
442:
204:
196:
195:
151:Economic growth
141:
133:
132:
74:
72:classifications
17:
12:
11:
5:
4066:
4056:
4055:
4050:
4033:
4032:
4030:
4029:
4019:
4006:
4003:
4002:
4000:
3999:
3997:Sustainability
3994:
3989:
3984:
3979:
3973:
3971:
3970:Related topics
3967:
3966:
3964:
3963:
3958:
3953:
3948:
3943:
3938:
3933:
3928:
3923:
3918:
3913:
3908:
3902:
3900:
3895:
3892:
3891:
3889:
3888:
3883:
3882:
3881:
3876:
3871:
3861:
3859:Largest cities
3856:
3850:
3848:
3844:
3843:
3841:
3840:
3835:
3829:
3827:
3823:
3822:
3820:
3819:
3814:
3809:
3808:
3807:
3802:
3797:
3792:
3787:
3777:
3772:
3767:
3766:
3765:
3760:
3755:
3750:
3740:
3739:
3738:
3728:
3720:
3714:
3712:
3706:
3705:
3703:
3702:
3697:
3692:
3687:
3682:
3679:I = P × A × T
3675:
3670:
3664:
3662:
3655:
3652:
3651:
3649:
3648:
3643:
3638:
3633:
3632:
3631:
3621:
3615:
3613:
3606:
3603:
3602:
3600:
3599:
3594:
3589:
3584:
3579:
3574:
3569:
3563:
3561:
3557:
3556:
3549:
3548:
3541:
3534:
3526:
3517:
3516:
3514:
3513:
3503:
3490:
3487:
3486:
3484:
3483:
3478:
3476:Macroeconomics
3473:
3472:
3471:
3460:
3458:
3454:
3453:
3451:
3450:
3445:
3440:
3435:
3430:
3425:
3420:
3415:
3410:
3405:
3400:
3395:
3390:
3385:
3380:
3375:
3370:
3365:
3360:
3355:
3350:
3345:
3339:
3337:
3333:
3332:
3330:
3329:
3324:
3323:
3322:
3317:
3307:
3302:
3301:
3300:
3291:
3277:
3272:
3267:
3262:
3253:
3248:
3243:
3238:
3233:
3228:
3223:
3218:
3213:
3212:
3211:
3206:
3197:
3192:
3187:
3182:
3177:
3175:Price controls
3167:
3162:
3157:
3156:
3155:
3150:
3145:
3140:
3139:
3138:
3133:
3123:
3118:
3117:
3116:
3111:
3096:
3094:Market failure
3091:
3086:
3081:
3076:
3071:
3066:
3061:
3060:
3059:
3054:
3044:
3039:
3034:
3029:
3028:
3027:
3017:
3016:
3015:
3010:
3005:
3000:
2990:
2985:
2980:
2975:
2970:
2965:
2964:
2963:
2958:
2953:
2948:
2947:
2946:
2936:
2931:
2921:
2912:
2907:
2902:
2896:
2894:
2890:
2889:
2886:Microeconomics
2882:
2881:
2874:
2867:
2859:
2853:
2852:
2832:
2821:Lumen Learning
2813:
2798:
2797:External links
2795:
2794:
2793:
2787:
2774:
2768:
2753:
2750:
2747:
2746:
2721:
2675:
2649:
2623:
2597:
2548:
2505:
2496:
2427:
2411:
2392:(2): 156–158.
2376:
2345:
2307:
2281:(1): 127–129.
2261:
2237:
2191:
2168:
2148:
2118:
2081:
2070:stats.oecd.org
2056:
2055:
2053:
2050:
2049:
2048:
2043:
2041:Arc elasticity
2038:
2033:
2028:
2023:
2018:
2013:
2006:
2003:
1999:antitrust laws
1963:
1960:
1942:
1939:
1910:
1907:
1905:
1902:
1896:
1893:
1887:
1884:
1878:
1875:
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1851:
1848:
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1822:
1821:
1818:
1815:
1805:
1802:
1738:
1737:
1727:
1717:
1676:
1673:
1661:
1658:
1655:
1652:
1649:
1629:
1628:Unitary demand
1626:
1614:
1611:
1607:
1603:
1600:
1597:
1593:
1589:
1586:
1562:
1559:
1547:
1544:
1540:
1536:
1533:
1530:
1526:
1501:
1500:Elastic demand
1498:
1477:
1474:
1471:
1470:
1467:
1464:
1460:
1459:
1456:
1451:
1447:
1446:
1443:
1440:
1436:
1435:
1432:
1427:
1423:
1422:
1419:
1416:
1412:
1411:
1410:the goods are
1408:
1405:
1376:
1373:
1368:
1365:
1361:
1334:
1331:
1326:
1323:
1319:
1292:
1289:
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1249:
1245:
1241:
1234:
1230:
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1181:
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1166:
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1126:
1121:
1118:
1114:
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1063:
1060:
1057:
1028:
1025:
987:
977:
971:
906:
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903:
902:
895:
888:
880:
877:
876:
875:
874:
862:
847:
846:
843:
842:
837:
827:
822:
816:
811:
810:
807:
806:
801:
800:
793:
788:
783:
778:
773:
768:
763:
758:
753:
748:
743:
738:
733:
728:
723:
718:
713:
708:
703:
698:
693:
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683:
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673:
668:
663:
658:
653:
648:
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628:
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613:
608:
603:
598:
593:
588:
583:
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558:
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528:
523:
518:
513:
508:
503:
498:
493:
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473:
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463:
457:
456:
455:
449:
448:
445:
444:
441:
440:
435:
430:
425:
420:
415:
410:
405:
400:
395:
386:
381:
376:
371:
366:
361:
359:Organizational
356:
351:
346:
341:
336:
331:
326:
321:
316:
311:
306:
301:
296:
291:
286:
281:
276:
271:
266:
261:
256:
251:
246:
241:
236:
231:
226:
221:
216:
211:
205:
203:By application
202:
201:
198:
197:
194:
193:
188:
183:
178:
173:
168:
163:
158:
153:
148:
142:
139:
138:
135:
134:
131:
130:
125:
120:
115:
110:
105:
96:
91:
86:
81:
75:
69:
68:
65:
64:
63:
62:
57:
52:
44:
43:
35:
34:
28:
27:
15:
9:
6:
4:
3:
2:
4065:
4054:
4051:
4049:
4046:
4045:
4043:
4028:
4020:
4018:
4017:
4008:
4007:
4004:
3998:
3995:
3993:
3990:
3988:
3985:
3983:
3980:
3978:
3977:Bennett's law
3975:
3974:
3972:
3968:
3962:
3959:
3957:
3954:
3952:
3949:
3947:
3944:
3942:
3939:
3937:
3934:
3932:
3929:
3927:
3924:
3922:
3919:
3917:
3914:
3912:
3909:
3907:
3904:
3903:
3901:
3898:organizations
3893:
3887:
3884:
3880:
3877:
3875:
3872:
3870:
3867:
3866:
3865:
3862:
3860:
3857:
3855:
3852:
3851:
3849:
3845:
3839:
3836:
3834:
3831:
3830:
3828:
3824:
3818:
3815:
3813:
3810:
3806:
3803:
3801:
3798:
3796:
3793:
3791:
3788:
3786:
3783:
3782:
3781:
3778:
3776:
3773:
3771:
3768:
3764:
3761:
3759:
3756:
3754:
3751:
3749:
3746:
3745:
3744:
3741:
3737:
3734:
3733:
3732:
3729:
3727:
3725:
3721:
3719:
3716:
3715:
3713:
3707:
3701:
3698:
3696:
3693:
3691:
3688:
3686:
3685:Kaya identity
3683:
3680:
3676:
3674:
3671:
3669:
3666:
3665:
3663:
3660:
3653:
3647:
3644:
3642:
3639:
3637:
3634:
3630:
3627:
3626:
3625:
3622:
3620:
3617:
3616:
3614:
3611:
3604:
3598:
3595:
3593:
3590:
3588:
3585:
3583:
3580:
3578:
3575:
3573:
3570:
3568:
3565:
3564:
3562:
3558:
3554:
3547:
3542:
3540:
3535:
3533:
3528:
3527:
3524:
3512:
3504:
3502:
3497:
3492:
3491:
3488:
3482:
3479:
3477:
3474:
3470:
3467:
3466:
3465:
3462:
3461:
3459:
3455:
3449:
3446:
3444:
3441:
3439:
3436:
3434:
3431:
3429:
3426:
3424:
3421:
3419:
3416:
3414:
3411:
3409:
3408:Institutional
3406:
3404:
3401:
3399:
3396:
3394:
3391:
3389:
3386:
3384:
3381:
3379:
3376:
3374:
3371:
3369:
3366:
3364:
3361:
3359:
3356:
3354:
3353:Computational
3351:
3349:
3346:
3344:
3341:
3340:
3338:
3334:
3328:
3325:
3321:
3318:
3316:
3313:
3312:
3311:
3308:
3306:
3303:
3299:
3298:Law of supply
3295:
3292:
3290:
3289:Law of demand
3286:
3283:
3282:
3281:
3278:
3276:
3275:Social choice
3273:
3271:
3268:
3266:
3263:
3261:
3260:Excess supply
3257:
3254:
3252:
3249:
3247:
3246:Risk aversion
3244:
3242:
3239:
3237:
3234:
3232:
3229:
3227:
3224:
3222:
3219:
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3214:
3210:
3207:
3205:
3201:
3198:
3196:
3193:
3191:
3188:
3186:
3183:
3181:
3180:Price ceiling
3178:
3176:
3173:
3172:
3171:
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3166:
3163:
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3141:
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3136:Complementary
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3132:
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3119:
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3112:
3110:
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2941:
2940:
2937:
2935:
2932:
2930:
2927:
2926:
2925:
2922:
2920:
2919:non-convexity
2916:
2913:
2911:
2908:
2906:
2903:
2901:
2898:
2897:
2895:
2891:
2887:
2880:
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2788:9780324589979
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2528:
2524:
2521:(3): 428–43.
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2516:
2509:
2500:
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2488:
2483:
2478:
2473:
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2460:
2455:
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2017:
2014:
2012:
2009:
2008:
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2000:
1996:
1992:
1988:
1983:
1981:
1977:
1973:
1969:
1968:Sony-Ericsson
1955:
1951:
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1847:Entertainment
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461:de Mandeville
459:
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389:Public choice
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364:Participation
362:
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324:Institutional
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274:Expeditionary
272:
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264:Environmental
262:
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94:International
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70:Branches and
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48:
47:
46:
45:
41:
37:
36:
33:
30:
29:
25:
21:
20:
4014:
3826:Publications
3785:Antinatalism
3723:
3700:World3 model
3560:Major topics
3443:Optimization
3428:Mathematical
3388:Experimental
3383:Evolutionary
3368:Econometrics
3226:Public goods
3200:Price system
3195:Price signal
3109:Monopolistic
2997:
2978:Distribution
2893:Major topics
2844:. Retrieved
2839:
2824:. Retrieved
2820:
2778:
2759:
2737:. Retrieved
2734:AUEssays.com
2733:
2724:
2712:|last1=
2692:. Retrieved
2688:
2678:
2666:. Retrieved
2662:the Guardian
2661:
2652:
2640:. Retrieved
2635:
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2609:
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2336:. Retrieved
2324:
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2278:
2274:
2264:
2253:. Retrieved
2250:Khan Academy
2249:
2240:
2228:. Retrieved
2208:
2204:
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2185:
2181:
2171:
2161:, retrieved
2131:
2121:
2094:
2084:
2073:. Retrieved
2069:
2060:
1984:
1965:
1948:Google Pixel
1944:
1912:
1898:
1889:
1880:
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1867:
1863:
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1065:
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1038:
1019:
1015:
1011:
944:
927:
923:
919:
915:
909:
830:Publications
795:
418:Sociological
391: /
289:Geographical
269:Evolutionary
244:Digitization
209:Agricultural
113:Mathematical
84:Econometrics
3709:Society and
3668:Biocapacity
3393:Game theory
3358:Development
3305:Uncertainty
3185:Price floor
3165:Preferences
3104:Competition
3074:Information
3037:Externality
3020:Equilibrium
2961:Transaction
2939:Opportunity
2900:Aggregation
1692:independent
1682:complements
1389:independent
1347:complements
1305:substitutes
1016:substitutes
1012:complements
920:cross-price
666:von Neumann
319:Information
259:Engineering
239:Development
234:Demographic
176:Game theory
118:Methodology
4042:Categories
3896:Events and
3711:population
3657:Population
3608:Population
3553:Population
3423:Managerial
3343:Behavioral
3216:Production
3153:Oligopsony
2993:Elasticity
2905:Budget set
2752:References
2454:1602.08644
2255:2021-04-18
2211:(4): 805.
2163:2021-04-17
2075:2021-04-17
1987:price wars
1575:relatively
1514:relatively
825:Economists
696:Schumacher
601:Schumpeter
571:von Wieser
491:von Thünen
452:economists
428:Statistics
423:Solidarity
344:Managerial
309:Humanistic
304:Historical
249:Ecological
214:Behavioral
108:Mainstream
3992:Migration
3869:6 billion
3464:Economics
3336:Subfields
3231:Rationing
3148:Oligopoly
3143:Monopsony
3131:Bilateral
3064:Household
2915:Convexity
2543:153931398
2333:0043-2636
2327:: 11–27.
2295:0032-3195
2225:240425105
2158:202935211
2113:2345-3605
2011:Economics
1991:collusion
1927:SABMiller
1828:Margarine
1567:inelastic
1463:positive
1450:positive
1426:negative
1415:negative
1393:unrelated
1360:η
1318:η
1276:η
1240:Δ
1225:Δ
1219:⋅
1161:Δ
1131:Δ
1113:η
986:%
976:%
912:economics
741:Greenspan
706:Samuelson
686:Galbraith
656:Tinbergen
596:von Mises
591:Heckscher
551:Edgeworth
369:Personnel
329:Knowledge
294:Happiness
284:Financial
254:Education
229:Democracy
123:Political
89:Heterodox
32:Economics
4027:Category
3795:Natalism
3718:Eugenics
3511:Category
3457:See also
3348:Business
3320:Marginal
3315:Expected
3256:Shortage
3251:Scarcity
3126:Monopoly
3032:Exchange
2944:Implicit
2934:Marginal
2846:26 April
2826:26 April
2739:26 April
2704:cite web
2694:26 April
2668:26 April
2642:26 April
2616:26 April
2592:24508846
2535:25674441
2491:26999511
2441:PLOS ONE
2230:25 April
2005:See also
1980:Phillips
1976:Ericsson
1687:negative
1020:negative
834:journals
820:Glossary
771:Stiglitz
736:Rothbard
716:Buchanan
701:Friedman
691:Koopmans
681:Leontief
661:Robinson
546:Marshall
450:Notable
398:Regional
374:Planning
349:Monetary
279:Feminist
224:Cultural
219:Business
24:a series
22:Part of
4016:Commons
3659:ecology
3610:biology
3469:Applied
3448:Welfare
3310:Utility
3270:Surplus
3209:Pricing
3121:Duopoly
3114:Perfect
3057:Service
3025:General
2929:Average
2583:3991422
2482:4801373
2459:Bibcode
2406:1391869
1919:mergers
1634:unitary
1506:elastic
1454:(0, +∞)
1049:rivalry
1027:History
934:on the
840:Schools
832: (
791:Piketty
786:Krugman
651:Kuznets
641:Kalecki
616:Polanyi
506:Cournot
501:Bastiat
486:Ricardo
476:Malthus
466:Quesnay
438:Welfare
408:Service
79:Applied
55:Outline
50:History
4053:Demand
3726:genics
3294:Supply
3285:Demand
3221:Profit
3089:Market
2951:Social
2785:
2766:
2590:
2580:
2541:
2533:
2489:
2479:
2404:
2338:7 June
2331:
2300:7 June
2293:
2223:
2188:: 593.
2156:
2146:
2111:
1853:−0.72
1842:+0.28
1831:+0.81
1825:Butter
1482:higher
1430:(−∞，0)
1072:demand
914:, the
776:Thaler
756:Ostrom
751:Becker
746:Sowell
726:Baumol
631:Myrdal
626:Sraffa
621:Frisch
611:Knight
606:Keynes
581:Fisher
576:Veblen
561:Pareto
541:Menger
536:George
531:Jevons
526:Walras
516:Gossen
384:Public
379:Policy
334:Labour
299:Health
156:Market
3847:Lists
3413:Labor
3398:Green
3170:Price
3052:Goods
3042:Firms
2539:S2CID
2531:JSTOR
2449:arXiv
2402:JSTOR
2221:S2CID
2154:S2CID
2097:: 0.
2052:Notes
1762:'
1755:'
1490:lower
951:price
947:ratio
916:cross
813:Lists
781:Hoppe
766:Lucas
731:Solow
721:Arrow
711:Simon
676:Lange
671:Hicks
646:Röpke
636:Hayek
586:Pigou
556:Clark
471:Smith
433:Urban
413:Socio
403:Rural
103:Macro
99:Micro
60:Index
3327:Wage
3236:Rent
3204:Free
2956:Sunk
2924:Cost
2917:and
2848:2021
2828:2021
2783:ISBN
2764:ISBN
2741:2021
2716:help
2696:2021
2670:2021
2644:2021
2618:2021
2588:PMID
2487:PMID
2340:2024
2329:ISSN
2302:2024
2291:ISSN
2232:2021
2144:ISBN
2109:ISSN
1972:Sony
1850:Food
1839:Pork
1836:Beef
1820:XED
1814:Good
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1480:The
1330:<
1288:>
1070:and
1068:cost
1008:sign
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511:Mill
496:List
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3418:Law
2805:at
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2570:doi
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2467:doi
2394:doi
2367:doi
2283:doi
2213:doi
2136:doi
2099:doi
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1418:−∞
966:XED
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761:Sen
481:Say
339:Law
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1592:|
1585:0
1546:1
1539:|
1535:D
1532:E
1529:X
1525:|
1375:0
1372:=
1367:A
1364:B
1333:0
1325:A
1322:B
1291:0
1283:A
1280:B
1248:A
1244:P
1233:B
1229:Q
1212:B
1208:Q
1202:A
1198:P
1192:=
1184:A
1180:P
1175:/
1169:A
1165:P
1154:B
1150:Q
1145:/
1139:B
1135:Q
1125:=
1120:A
1117:B
1099:)
1094:η
970:=
957::
926:(
899:e
892:t
885:v
836:)
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