Advertisement

Demand, Supply and Market Price

  • Barry Harrison
  • Charles Smith
  • Brinley Davies
Chapter

Abstract

What determines the price of an HB pencil, an audio tape, or a supersonic airliner? In Chapter 3 we begin to examine how economists study the phenomenon known as price. We also introduce the important economic concept of elasticity and thus provide the basic economic model which can be used to analyse how prices are determined by changes in supply and demand. The model will be used extensively throughout this book.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Barry Harrison, Charles Smith and Brinley Davies 1992

Authors and Affiliations

  • Barry Harrison
  • Charles Smith
  • Brinley Davies

There are no affiliations available

Personalised recommendations