By Ron Taber

ISBN-10: 0939073366

ISBN-13: 9780939073368

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If a good has many substitutes consumers are able to switch to an alternative as its price rises or an alternative can be readily abandoned as its price falls. The situation is different where a good has few substitutes, or where those substitutes which do exist are not close substitutes. It should be noted that as we broaden our definition of a good, so we reduce the number of substitutes and therefore reduce the price elasticity of demand. Thus the demand for pork is more price elastic than that for meat, and the demand for meat is more elastic than that for food.

One important feature of such data is that it is subject to variation, particularly on a seasonal basis. There are a number of ways of treating time series data so as to 'smooth out' the variations and isolate the underlying trend. One method is that of moving averages. An example will make the method clear. 5 the average expenditure on motor vehicles in the four quarters up to the last quarter of 1988 was £3162m. To calculate the corresponding average up to the first quarter of 1989 we delete the first figure in the 1988 series and replace it with the first figure in the 1989 series.

Other things being equal, an increase in income will increase the number of goods we can afford. Therefore an increase in income will, in general, shift a demand curve to the right, while a decrease in income will cause a shift to the left. This happens for most goods, and we use the term normal good to describe those goods which conform to this relationship. There is a small range of goods, known as inferior goods, which people tend to switch away from as incomes rise. The distinction between normal and inferior goods is further discussed on p.

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A Look at Leninism by Ron Taber


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