Economics is a social science that studies the collection, allocation and distribution of economic resources. Business owners use the study of economics to help them make business decisions. Not only ...

Discover how a total revenue test measures price elasticity to refine pricing strategies and boost business revenue. Learn to differentiate between elastic and inelastic demand.

Elastic products, like air travel, see demand vary with price changes, affecting investment volatility. Inelastic goods, such as insulin, maintain steady demand despite price fluctuations, offering ...

Elasticity is a method of measuring the likelihood of one economic factor affecting another, such as when the price of an item affects consumer demand or when supply affects how much something costs.

This is a preview. Log in through your library . Journal Information The Southern Economic Journal features original, refereed scholarly articles in all areas of economics as well as contributions on ...

Mary Hall is a editor for Investopedia's Advisor Insights, in addition to being the editor of several books and doctoral papers. Mary received her bachelor's in English from Kent State University with ...

William Baumol writes in "Economics: Principles and Policy" that the total monetary utility of a collection of goods to a consumer is equal to the largest amount of money the consumer will pay in ...