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SPACE: The final frontier... to boldly go where no one has gone before. Space represents a key dimension of the land category of scarce resources. The space of land provides a place for locating productive activity. This becomes most important in terms of accessibility, which is one location relative to other locations.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 19 of 21

Topic: Demand Elasticity <=PAGE BACK | PAGE NEXT=>

  • While knowing why a higher price entices buyers to buy less or a lower price entices them to buy more is extremely important, we often need to know more than WHY? we need to know HOW MUCH?

  • Taking a closer look at demand entails an answer to this HOW MUCH? question.

    This is addressed under the topic of elasticity.

  • By way of preview, let me note that:
  • Elasticity is the responsiveness of one variable resulting from changes in another variable.
  • The two variables that intrigues us the most are demand price and quantity demanded.

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INCOME CHANGE, UTILITY ANALYSIS

A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for small children selling products door-to-door.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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