Monday, November 26, 2012

One of Them Thar Canadian Economists...

gives a very good explanation as to why economists talk about elasticity instead of slope for supply and demand. I had never thought about scaling a demand curve like that before.

2 comments:

  1. Hey, that is pretty good explanation.

    Of course the elasticity of a single farmer would differ from that of millions.

    It's amazing how in micro-econ, you find a deeper and more profound understanding of the most basic things. It's one of the subjects that is re-learnt from scratch over and over.

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  2. This is why physicists like dimensionless quantities so much.

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