Economics Dictionary of ArgumentsHome
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| Elasticity: In economics, elasticity is a measure of the response of one variable to a change in another variable. For example, the price elasticity of demand is a measure of how the demand for a good or service changes when the price changes. Elasticity is expressed as a percentage. An elasticity of 1 means that one variable reacts proportionally to the other variable. An elasticity of less than 1 means that one variable reacts less strongly than the other variable. Elasticity can help to understand the sensitivity of consumers and producers to market fluctuations. See also Price, Markets, Demand, Supply._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Kathleen Hogan on Elasticity (Economics) - Dictionary of Arguments
Krugman III 21 Elasticity/international trade/demand/Kala Krishna/Kathleen Hogan/Phillip Swagel: That the elasticity of substitution between U.S. goods is always smaller than that for Japanese goods suggests that [e.g.,] U.S. autos are less interchangable than Japanese autos. This seems plausible as U.S. cars seem more differentiated from one another than are Japanese cars. This is reflected in the elasticities of demand. That (…) shows that demand for Japanese cars with respect to other Japanese cars is more price elastic than demand for U.S. cars with respect to other U.S. cars. Indeed, the demand for Japanese cars in general reacts more to price changes, by both national and international competitors. >Calibration, >Demand, >Price. Kala Krishna, Kathleen Hogan, and Phillip Swagel. „The Nonoptimality of Optimal Trade Policies: The U.S. Automobile Industry Revisited, 1979-1985.“ In: Paul Krugman and Alasdair Smith (Eds.) 1994. Empirical Studies of Strategic Trade Policy. Chicago: The University of Chicago Press._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Hogan, Kathleen EconKrug I Paul Krugman Volkswirtschaftslehre Stuttgart 2017 EconKrug II Paul Krugman Robin Wells Microeconomics New York 2014 Krugman III Paul Krugman Alasdair Smith Empirical Studies of Strategic Trade Policy Chicago: The University of Chicago Press 1994 |
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