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 ...

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 ...

Some more words on price gouging, as New York and New Jersey are increasingly afflicted by gasoline shortages. There are three issues we need to look at here. One is allocation, one is short-term ...

The degree of producers' responsiveness to price changes. Elasticity is measured as the percent change in quantity divided by the percent change in price. A large value (greater than 1) of elasticity ...

The recent wave of sympathy for protectionist policies following the election of Donald Trump and dominant in European countries like Italy and France is nothing new if we look at international trade ...

Vol. 28, No. 2, Modern Models of Monopsony in Labor Markets: Tests and Estimates. Papers from a Conference Held in Sundance, Utah, November 2008, Organized by Orley Ashenfelter, Henry Farber, and ...