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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.
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Lesson Contents
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Unit 1: Factor Markets |
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Unit 2: Derived Demand |
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Unit 3: The Curve |
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Unit 4: Determinants |
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Unit 5: Taking Stock | |
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Factor Demand
- The first unit of this lesson, Background, begins this lesson by laying the foundations for the study of factor demand.
- In the second unit, Derived Demand, we see how the demand for a factor of production is based on the demand for the good it produces.
- The third unit, The Curve, then derives the factor demand curve, which is the relation between the price employers are willing to pay and the quantity demanded.
- In the fourth unit, Determinants, we examine the three key determinants that shift the factor demand curve -- product price, factor productivity, and other factor prices.
- The fifth and final unit, Taking Stock, then closes this lesson with a review of factor demand and a preview of factor market analysis in other lessons.
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COMPLEMENT-IN-CONSUMPTION One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Try not to become a man of success, but rather try to become a man of value. " -- Albert Einstein
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