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On the Price Elasticity Debate
Author(s) -
Hanke Steve H.
Publication year - 1979
Publication title -
journal ‐ american water works association
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.466
H-Index - 74
eISSN - 1551-8833
pISSN - 0003-150X
DOI - 10.1002/j.1551-8833.1979.tb04444.x
Subject(s) - economics , price elasticity of demand , elasticity (physics) , price elasticity of supply , price level , price setting , keynesian economics , microeconomics , thermodynamics , physics
The elasticity of demand with respect to price is the percentage rate of change in use compared to the percentage rate of change in price, assuming all other factors are unchanged. The debate is in reality a philosophical debate between scientists, who conclude that price should be used to allocate water efficiently, and politicians, who assert that use is unaffected by price.