Quotes & Sayings About Elasticity Of Demand

The only prospect which is really desirable or delightful, is that from the window of the breakfast-room [ ... ] where we meet the first light of the dewy day, the first breath of the morning air, the first glance of gentle eyes; to which we descend in the very spring and elasticity of mental renovation and bodily energy, in the gathering up of our spirit for the new day, in the flush of our awakening from the darkness and the mystery of faint and inactive dreaming, in the resurrection from our daily grave, in the first tremulous sensation of the beauty of our being, in the most glorious perception of the lightning of our life; there, indeed, our expatiation of spirit, when it meets the pulse of outward sound and joy, the voice of bird and breeze and billow, does demand some power of liberty, some space for its going forth into the morning, some freedom of intercourse with the lovely and limitless energy of creature and creation. — John Ruskin

A colleague saw the same model-calibrating the elasticity of demand facing a Cournot oligopolist as a function of the number of firms in the industry
described at the University of Chicago and at M.I.T. A Chicago economist derived the formula and said, "Look at how few firms you need to get close to infinite elasticities and perfect competition." An M.I.T. economist derived the same formula and said, "Look at how large n has to be before you get anywhere close to an infinite elasticity and perfect competition." — Matthew Rabin