Estimating Price Elasticity of Demand for Motor Fuel in the Transport Sectors

Mazurova, Olga

doi:10.14530/se.2015.1.109-122

Cited by 1 publication

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“…However, this pioneering concept was first used in the field of natural sciences by the chemist and physicist Boyle (1626 -1691) when he studied the properties of gases (Boyle-Mariotte Law). Later, over the passage of more than two centuries, and in the year 1885, the English economist Alfred Marshall 4 , was able to give an economic definition to elasticity on both the demand and supply (Mazurova, 2015). This concept seems simple but great in its meaning, has now become a compass for directing the economic decisions at the micro and macro levels.…”

Section: Theoretical Framework 21 Elasticity Concept Since Inceptionmentioning

confidence: 99%

Measuring the Elasticity of Demand for the Consumer Basket Components in Jordan

Jubran,

Al Sawaie

2023

Financial Engineering

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This study aims at measuring the income elasticity of demand based on a survey of the household income and expenditure in the Jordanian economy for the period 2017-2018. And in order to measure the income elasticity of demand, the researchers used the simple linear model However, the researchers anticipated that the increase in the household income would lead to an increase in commodities consumption: in return for the possibility of reducing the consumption, by increasing the price of the commodity. The study reached a set of results, by measuring the income elasticity of demand for 77 types of commodities and services: such as the convergence between the consumer response to the movement of each income and price among the commodities in the Jordanian economy and in other countries, where fresh fish is on the list of luxury commodities among fish and meat. What explains this is the shortage of this commodity offered quantities in the Jordanian market and its high prices. Thus, the presence of very low-income elasticity of ’garlic’ commodity at the level (0.092), which indicates that this commodity cannot be abandoned in case of low income.

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Section: Theoretical Framework 21 Elasticity Concept Since Inceptionmentioning

confidence: 99%