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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson Contents
Unit 1: An Overview
  • Elasticity And Demand
  • Price Elasticity Of Demand
  • Upon Further Review
  • Unit 1 Summary
  • Unit 2: The Continuum
  • Relative Adjustments
  • Five Alternatives
  • Three Of Five
  • Two Of Five
  • Unit 2 Summary
  • Unit 3: Measurement
  • Doing The Numbers
  • A Range Of Values
  • The Demand Curve
  • Slope And Elasticity
  • Changing Elasticity
  • Total Revenue
  • Expenditures And Elasticity
  • Unit 3 Summary
  • Unit 4: Determinants
  • Substitute Availability
  • Time Period
  • Budget Proportion
  • Unit 4 Summary
  • Unit 5: Other Measures
  • Price Elasticity Of Supply
  • Income Elasticity Of Demand
  • Cross Elasticity Of Demand
  • Unit 5 Summary
  • Course Home
    Elasticity and Demand

    Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand.

    • The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
    • In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
    • The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
    • The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
    • The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.

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    PERFECT COMPETITION, FACTOR MARKET ANALYSIS

    The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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    Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for vindictive digital clocks with revenge on their minds.
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    During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
    "always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. "

    -- Harry Truman, 33rd US president

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