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 ...

In an important new study, world-renowned economists -- including a Nobel Prize winner and a MacArthur "genius" -- argue that when demand for a good is inelastic, the cost of making consumption ...

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 ...

Economists use elasticity of demand to gauge how responsive consumers are to changes in price and income, but investors can also use elasticity of demand to help make more informed investing decisions ...

Consumer demand fluctuates constantly, for many reasons. To discuss the effects of a specific factor on demand, economists use the term "elasticity" to describe how responsive consumers are. The more ...

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 ...

Setting the right price for your product or service is hard. In fact, determining price is one of the toughest things a marketer has to do, in large part because it has such a big impact on the ...

Shoppers have become all too familiar with the fragility of supply chains. In America the latest product missing from supermarket shelves is infant formula. Whereas previous shortages, affecting ...