CHAPTER 3

ELASTICITY OF DEMAND AND SUPPLY

INTRODUCTION

In the previous chapter, we were familiarized with the concept of demand and supply and
how these forces operate in determining price over a perfectly competitive market, which brought
the existence of demand and supply curve. With the application of ceteris paribus (meaning other
things remain constant), we know that if the price of certain goods or services increases, less goods
and services will be purchased. Similarly, if the price of goods and services decline, more goods
and services will be purchased.

Though we are aware of the existence of demand and supply curves, we do not yet have an
idea what the curves looks like. Similarly, consumers and producers have no idea of the exact
number of goods and services to be purchase and sold, respectively. In short, all depends on the
how the consumers/buyers/end-users (demand) and producers/suppliers/sellers (Supply) will
respond to any changes, and how responsive demanders and suppliers are to any change involving
the concept of elasticity.

This chapter discusses the different types of elasticity and its determinants, and classification
of goods.

INTENDED LEARNING OUTCOMES

1. Explain the concept of price elasticity of demand and supply and its calculation.
2. Explain what it means for demand and supply to be price inelastic, unit price elastic,
price elastic, perfectly price inelastic, and perfectly price elastic.
3. Explain how and why the value of the price elasticity of demand changes along a
linear demand curve.
4. Understand the relationship between total revenue and price elasticity of demand.
5. Discuss the determinants of price elasticity of demand.

ELASTICITY

In economics, the concept of elasticity measures the responsiveness of one variable to a

certain change of another variable. Looking into details, there are two significant words: measure,
reported as numbers or coefficients and responsiveness, which means reaction to change. Thus,
any change causes people to react, and elasticity measures this extent to which the people react.
Proportional measure or percentage change in the variables measures the responsiveness of
consumers and producers.

The basic formula used to determine elasticity is:

 Elasticity = Percentage change in variable x
Percentage change in variable y Equation 3

Using mathematical symbols,

ɛ = %∆x Equation 3.1

%∆y

where:

ɛ = Greek letter epsilon used as a symbol for elasticity

∆ = Greek letter delta which means “change”

% = percentage

x = independent variable

y = dependent variable

Elasticity, therefore, is the percentage change in one variable in relation to the percentage
change in another variable.

Demand Elasticity

Elasticity can be applied to demand in order to measure its responsiveness to the changes
on its selected determinants. Rewriting equation 3 in Chapter 3, we arrived at the following
function:

Qdx = f (Px, Y, and Prel)

This function shows three combinations: Qdx and Px, Qdx and Y, and Qdx and Prel. These
combinations can be used to measure the responsiveness of quantity demanded with its price (price
elasticity of demand), income (income elasticity of demand), and price of related goods (cross-
price elasticity of demand) respectively.

Price Elasticity of Demand

The price elasticity of demand measures the responsiveness of the quantity demanded with
respect to its price. The basic formula used to calculate the coefficient of price elasticity of demand
is:

Price Elasticity of Demand = Percentage Change in Quantity Demanded

Percentage Change in Price Equation 3.2
 Mathematically, Equation 3.3

ɛD = %∆𝑄 or ∆𝑄
%∆𝑃 __ Q___ or Q2 - Q1 or Q2 – Q1 x P1
∆P ____ Q1____ P2 – P1 Q1
P P2 - P1
P1

Price elasticity of demand is the percentage change in quantity demanded that occurs with
respect to a percentage change in price. Considering that an increase in the price of a good or
service would result to a decline in quantity demanded. It is expected that the price elasticity of
demand is negative because the relationship between price and quantity demanded is inversely
related. However, it is the absolute value that is usually taken and the negative sign is omitted.

When measuring a very small change in both the price and quantity on a demand curve on
a particular point, the above formula is used and is referred to as point elasticity.

However, using this formula results to different answers when we are dealing with large
changes in price. Therefore, using the initial values of price (P 1) and Quantity (Q1) creates a
problem in the calculation. As the difference between the two prices or quantities increases, the
accuracy of the price elasticity of demand given by Equation 3.3 decreases for a combination of
two reasons. First, the price elasticity of demand for a good is not necessarily constant; the price
elasticity of demand can vary at different points along the demand curve, due to its percentage
nature. Elasticity is different from the slope of the demand curve; we should not be confused with
the two terms. The slope of a demand curve, that is the flatness or steepness of the curve, is based
on the total changes in price and quantity. Elasticity, on the other hand, is concerned with the total
change relative to price and quantity. For example, if quantity demanded increases from 78 units
to 95 units, the percentage change is 22%, i.e., (95-78) ÷ 78 (converted to a percentage). But if
quantity demanded decreases from 95 units to 78 units, the percentage change is -18%, i.e., (78 –
95) ÷ 95.

To get out of the asymmetry problem of having a price elasticity of demand dependent on
which of the two given points on a demand curve is chosen as the “original” point and which as
the “new” one, compute the percentage change in P and Q relative to the average of the two
quantities, rather than just the change relative to one point or the other. Loosely speaking, we have
to take the average of the initial and new values of price and quantities. Using averages, we are
now estimating the price elasticity of demand at the midpoint of an arc drawn between the new
and initial points in a demand curve.
 The formula for arc elasticity is given as follows:

(P1 + P2)
2
ɛARC = Q2 - Q1 x _______________ Equation 3.4

P2 – P1 (Q1 + Q2)

2
ELASTICITY is the responsiveness of one variable to changes in another variable. This concept
answers the following questions:
• When price rises what happens to demand? Demand falls. BUT! How much does demand
fall?
• If price rises by 10%, what happens to demand? We know that the demand will fall. By
more than 10%? By less than 10%?
• Elasticity measures the extent to which demand will change.
We may calculate elasticity of all factors affecting another variable. Overall, it refers to the
sensitiveness of dependent variable in response to changes in independent variable.

Economic Application of the Concept of Elasticity. Since elasticity has wide use, in economics
it is commonly utilized in the demand and supply. For the elasticity of demand, we have price
elasticity of demand and supply, income elasticity and cross price elasticity.

Price Elasticity of Demand - The responsiveness of demand to changes in price

• Elastic demand - Where % change in demand is greater than % change in price
• Inelastic demand - Where % change in demand is less than % change in price - inelastic

The formula of calculating price elasticity of demand is the mid-point formula.

𝑄𝑑2− 𝑄𝑑1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑄𝑑 (%∆ 𝑄𝑑 ) = 𝑄𝑑2+ 𝑄𝑑1 Equation 3.5
2
𝑃2− 𝑃1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑃(%∆𝑃) = 𝑃2+ 𝑃1 Equation 3.6
2
%∆ 𝑄𝑑
𝑃𝑟𝑖𝑐𝑒 𝐸𝑙𝑎𝑠𝑡𝑖𝑐𝑖𝑡𝑦 𝑜𝑓 𝐷𝑒𝑚𝑎𝑛𝑑 (Ԑ𝑝) = Equation 3.7
%∆𝑃

Note: The price elasticity of demand is actually the negative of the percent change in quantity
demanded divided by the percent change in price. Thus, the price elasticity of demand is always
positive.

After the calculation, it is important to interpret the result of the calculated values. Below is
the summery of values and interpretation of result.
 Table 3.1

Interpretation of the Calculated Result

Value of demand elasticity Description Definition Impact on Revenues

Greater than one (ε >1) Elastic %ΔQ > %ΔP P R
*Equal to one (ε=1) Unit-elastic %ΔQ = %ΔP P R
Less than one (ε< 1) Inelastic %ΔQ < %ΔP P R

Elasticity is infinite (ε=∞) Perfectly Elastic P R= 0

Elasticity is zero (ε=0) Perfectly Inelastic P R

Note: *** a change in price will not affect TR

To illustrate, let’s take an example presented in Figure 3.1.

Figure 3.1
Demand Curve

If we’re going to calculate the price elasticity of demand from point A to point B, the
following steps shall be followed.

Step 1. Determine the Qd2 and Qd1; P2 and P1. In this case, since the problem ask from
point A to B, the Qd2 and P2 will be the coordinates of point B (Qd2 = 2; P2 = 25) while Qd1 and P1
will be the coordinates of point A Qd1 = 1; P1 = 30)

Step 2. Calculate the percent change in Qd. Substitute the values identified (Qd) to
equation 3.1.
2−1 1
%∆ 𝑄𝑑 = 2+1 = 1.5 =/0.67/
2
 Step 3. Calculate the percent change in P. Substitute the values identified (P) to equation
3.2.
25−30 −5
%∆𝑃 = 25+30 = =/−0.18/ or /0.18/
27.5
2
Step 4. Calculate the price elasticity of demand. Substitute the values calculated from step
1 (%∆ 𝑄𝑑 = 0.67) and step 2( %∆𝑃 = 0.18)
0.67
Ԑ𝑝 = 0.18 = /3.72/ elastic
Step 5. Interpret the result. Get the absolute value of the computed price elasticity of
demand then refer to Table 3.1. As it can be noted, the value of price elasticity of demand is -3.67
and its absolute value is 3.67. With this we can say that the commodity is price elastic since it is
greater than 1.

Considering the data presented in Table 3.2, let us compute the demand elasticity using
point elasticity and arc elasticity from points A to E and E to A, points E to I and I and E.

Table 3.2

Points Price of Good x (Px) Quantity Demanded of Good x (Qdx)

A 4 700

B 5 475

C 9 430

D 12 400

E 15 393

F 20 344

G 26 310

H 30 300

I 39 150

Points Elasticity

Points A to E

ɛD = Q2 – Q1
 ____Q1_____
P2 – P1
P1

= 393 – 700
_____700_____
15 – 4
4

-307
__700___
= 11_
4

= -0.43857144286
2.75

= -0.44
2.75

ɛD = /0.16/ inelastic

Points E to A

ɛD = Q2 – Q1
____Q1_____
P2 – P1
P1

= 700 – 393
393__
4 – 15
15

307
393
________
=
-11_
15

= 0.7811704835
-0.7333333333

= 0.78
-0.73
 ɛD = /1.07/ elastic

Points E to I

ɛD = Q2 – Q1
____Q1_____
P2 – P1
P1

= 150 – 393
393__
39 – 15
15

-243
393
= _
24_
15

= -0.6183206107
1.6

= -0.62
1.6
ɛD = /0.39/ inelastic

Points I to E

ɛD = Q2 – Q1
____Q1_____
P2 – P1
P1

= 393 - 150
__ 150____
15 - 39
39

243_
150 __
= -24_
39
 = 1.62
0.6153846154

= 1.62
-0.62
ɛD = /2.61/ elastic

Arc Elasticity

Points A to E

P1 + P2
ɛARC = Q2 – Q1 x _____ 2______
P2 – P1 (Q1 + Q2)
2
(4 + 15)
393 – 700 x ___ _ 2______
ɛARC = 15 – 4 (700 + 393)
2
19
-307 _ 2___
ɛARC = 11 x 1,093
2

-307 _ 9.5___
ɛARC = 11 x 546.5

ɛARC = -27.9090909 x 0.01738335

ɛARC = -27.91 x 0.02

ɛARC = /0.56/ inelastic

Points I to E
 P1 + P2
ɛARC = Q2 – Q1 x _____ 2______
P2 – P1 (Q1 + Q2)
2
(15 + 39)
150 – 393 x ___ _ 2______
ɛARC = 39 – 15 (393 + 150)
2
54
-243 _ 2___
ɛARC = 24 x 543
2

-243 _ 27___
ɛARC = 24 x 271.5

ɛARC = -10.125 x 0.09944751

ɛARC = -10.13 x 0.10 = 1.013

ɛARC = /1.01/ elastic

Price Elasticity of Demand versus Slope

Be careful not to confuse elasticity with slope. The slope of a line is the change in the value
of the variable on the vertical axis divided by the change in the value of the variable on the
horizontal axis between two points. Elasticity is the ratio of the percentage changes. The slope of
a demand curve, for example, is the ratio of the change in price to the change in quantity between
two points on the curve. The price elasticity of demand is the ratio of the percentage change in
quantity to the percentage change in price. As we will see, when computing elasticity at different
points on a linear demand curve, the slope is constant—that is, it does not change— but the value
for elasticity will change.

Income Elasticity of Demand. The second application of elasticity is the income elasticity of
demand. It is defined as the responsiveness of demand to changes in incomes. Based on the
calculated value, we can determine whether the commodity is normal, inferior and luxury.
• Normal Good – demand rises as income rises and vice versa; positive value
• Inferior Good – demand falls as income rises and vice versa; negative value
• Luxury good is a commodity whose income elasticity of demand is greater than 1 (εY > 1)

We can calculate the income elasticity of demand using the midpoint formula.

The formula of calculating price elasticity of demand is the mid-point formula.

𝑄𝑑2− 𝑄𝑑1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑄𝑑 (%∆ 𝑄𝑑 ) = 𝑄𝑑2+ 𝑄𝑑1 Equation3.8
2
 𝑌2− 𝑌1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑌(%∆𝑌) = 𝑌2+ 𝑌1 Equation 3.9
2
%∆ 𝑄𝑑
𝑃𝑟𝑖𝑐𝑒 𝐸𝑙𝑎𝑠𝑡𝑖𝑐𝑖𝑡𝑦 𝑜𝑓 𝐷𝑒𝑚𝑎𝑛𝑑 (Ԑ𝑦) = Equation 3.10
%∆𝑦

For example, take a look on the case. Mr. X is military personnel. Year 2019, President
Duterte increases their salary given them incentives to change their purchasing power. Before his
salary is PhP22, 000 but now it becomes PhP33, 000. Unknowingly, his availment of movie house
services also changes from once (1) a month to four (4) times a month while his consumption of
DVD movies decreases from 6 DVDs to 2 DVDs a month. Calculate the income elasticity of
demand for movie house services and DVD.

The following are the procedure of solving the problem:

For Movie House Services

Step 1. Determine the Qd2 and Qd1; Y2 and Y1.

Qd2 = 4 Qd1= 1 ; Y2 = PhP33, 000 Y1 = PhP22, 000

Step 2. Calculate the percent change in Qd. Substitute the values identified (Qd) to
4−1 3
%∆ 𝑄𝑑 = 4+1 = = 1.2
2.5
2

Step 3. Calculate the percent change in Y. Substitute the values identified (Y)
33, 000 − 22,000 11,000
%∆𝑌 = = = 0.4
33, 000 + 22,000 27,500
2

Step 4. Calculate the income elasticity of demand. Substitute the values calculated from
1.2
step 1 (%∆ 𝑄𝑑 = 1.2)) and step 2( %∆𝑌 = −0.4) Ԑ𝑦 = =/𝟑. 𝟎/ Normal, Luxury
0.4

Step 5. Interpret the result. To determine if normal or inferior, look on the sign of the
income elasticity. If it is positive, the commodity is normal good otherwise it is inferior. If we
want to determine if it is elastic, inelastic or unit elastic; get the absolute value of the computed
income elasticity of demand then refer to Table 3.1. As it can be noted, the value of income
elasticity of demand is +3, its sign is positive therefore we can say that it is normal good. Getting
its absolute value, it is equal to 3, thus we can say that movie house services is income elastic.
Since it is greater than 1, we can also say that commodity is luxury.

For DVD, the following is the solution.

Given : Qd2 = 2 Qd1= 6; Y2 = PhP33, 000 Y1 = PhP22, 000

Required : Ԑ𝑦 =?
2−6 −4
Solution : %∆ 𝑄𝑑 = 2+6 = = −𝟏. 𝟎
4
2
33,000−22,000 11,000
%∆𝑌 = 33,000+22,000 = = 𝟎. 𝟒
27,500
2
−1.0
Ԑ𝑦 = =/−𝟐. 𝟓/ Inferior
0.4
Interpretation : The DVD is an inferior good for Mr. X.

Cross Price Elasticity of Demand

Another elasticity arises when we look at the response of consumers in buying certain
products if the price of another changes. This cross effect is commonly known as the cross
elasticity of demand. The cross elasticity of demand measures the responsiveness of quantity
demanded of a good to a change in the price of another good. We can compute for the cross
elasticity of the product using the formula:

Cross Elasticity of Demand = Percentage Change in Quantity Demanded of Good X

Percentage Change in Price of Good Y

Applying mathematical symbols:

Ԑ = %∆Qdx
%∆Py

Cross price elasticity of demand simply measures whether the good is substitute or a
complementary. Complementary goods are goods that are used in conjunction with other goods.
For instance, if the price of CD-ROM rises, the sales of computers fall. In this case, cross elasticity
of demand is negative. On the other hand, substitute goods are goods that can be used in place of
another, such that an increase in goods as substitute: gasoline and liquefied petroleum gas (LPG).
If the price of gasoline increases, its quantity demanded tends to decline and the demand for LPG
will increase. In this case where goods are substitute, cross elasticity of demand is positive.

Considering the following hypothetical data presented in Table 3.3 and Table 3.4.

Table 3.3
Cross Elasticity of Substitute Goods

Commodity Before After

Price/liter Quantity/liter Price/liter Quantity /liter
Gasoline (Y) 50 8,000 58 6,700
LPG (X) 25 3,000 25 4,300

Computation:

∆ Qx Q2 – Q1 4,300 – 3000 1,300

Qx Q1 3,000 3,000
ԐXY = _______ = ___________ = ___________ = _________ = 0.433333333 = 0.43 = 2.69
∆ Py P2 – P1 58 – 50 8 0.16 0.16
Py P1 50 50

Hence, the cross effect of the price of gasoline on the demand for LPG is positive and this
implies that the products are substitutes for each other.

In another example, we consider another set of goods, personal computer (Y) and
operating system (X) in determining their relationship. Table 3.4 below shows the hypothetical
data for the technological products.

Table 3.4

Cross Elasticity of Complementary Goods

Product Before After

Price/unit Quantity/unit Price/unit Quantity /unit
Personal 60,000 25,000 40,000 30,000
Computer (Y)
Operating 30,000 7,000 8,000 12,000
System (X)

Computation:

∆ Qx Q2 – Q1 12,000 – 7000 5.000

Qx Q1 7,000 7,000
ԐXY = _______ = ________ = __________ = _________ = 0.7142857148= 0.71 = -2.15
∆ Py P2 – P1 40,000 – 60,000 -20,000 -0.3333 -0.33
Py P1 60,000 60,000

This implies that the goods are complementary.

Cross-price Elasticity of Demand. The third application of elasticity is the cross-price elasticity
of demand. This refer to responsiveness or sensitiveness of demand of good x to the changes in
price of another good (good y). Good X is one commodity to which the responsiveness of demand
will be calculated while Good Y is another commodity to which the changes in price will be
calculated. Results of the computed cross-price elasticity of demand can be interpreted based on
Table 3.1 and as follows:

Goods which are complements: Cross Elasticity will have negative sign (inverse
relationship between the two)
Goods which are substitutes: Cross Elasticity will have a positive sign (positive
relationship between the two)
Goods which are unrelated: Cross Elasticity will be zero (no relationship between the
two).
 To calculate the cross-price elasticity of demand, midpoint formula will be used.
𝑄𝑑𝑥2− 𝑄𝑑𝑥1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑄𝑑𝑥 (%∆ 𝑄𝑑𝑥 ) = 𝑄𝑑𝑥2+ 𝑄𝑑𝑥1 Equation 3.11
2
𝑃𝑦2− 𝑃𝑦1
𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑃𝑦 (%∆𝑃𝑦 ) = 𝑃𝑦2+ 𝑃𝑦1 Equation 3.12
2
%∆ 𝑄𝑑𝑥
𝑃𝑟𝑖𝑐𝑒 𝐸𝑙𝑎𝑠𝑡𝑖𝑐𝑖𝑡𝑦 𝑜𝑓 𝐷𝑒𝑚𝑎𝑛𝑑 (Ԑ𝑥𝑦) = Equation 3.13
%∆𝑃𝑦

Example: TJ is a teenager who loves to consume Milk Tea, Pastries and Coffee. It was
noticed that when the price of coffee increases from PhP120 to Php140 per cup in a known Coffee
Shop, TJs consumption of Pastries decreases from 5 units a week to 2 units a week. On the other
hand, TJ increases the consumption of Milk Tea from 2 times a week to 4 times a week. Calculate
the cross-price elasticity of demand for Milk Tea and Pastries over the price of coffee.

The following are the procedure of solving the problem:

For Milk Tea. In this case, Good X is the Milk Tea while Good Y is Coffee.

Step 1. Determine the Qdx2 and Qdx1; Py2 and Py1.

Qd2 = 4 Qd1= 2 ; Py2 = PhP140 and Py1 = PhP120.

Step 2. Calculate the percent change in Qdx. Substitute the values identified
4−2 2
(Qdx%∆ 𝑄𝑑𝑥 = 4+2 = 3 = 0.67
2
Step 3. Calculate the percent change in PY. Substitute the values identified (Py) to
equation 3.8.
140 − 120 20
%∆𝑃𝑦 = = = 𝟎. 𝟏𝟓
140 + 120 130
2
Step 4. Calculate the cross-price elasticity of demand. Substitute the values calculated
0.67
from step 1 (%∆ 𝑄𝑑𝑥 = 0.67)) and step 2( %∆𝑃𝑦 = 0.15) Ԑ𝑥𝑦 = 0.15 = 𝟒. 𝟒𝟕

Step 5. Interpret the result. To determine if it is substitute or complement, look on the sign
of the cross-price elasticity. If it is positive, commodity X and Y are substitute otherwise it is
complement. If we want to determine if it is elastic, inelastic or unit elastic; get the absolute value
of the computed income elasticity of demand then refer to Table 3.1.

Result revealed that the value of cross-price elasticity of demand is +4.47, its sign is positive
therefore we can say that coffee and milk tea are substitute. Getting its absolute value, it is equal
to 4.47, thus we can say that milk tea is cross-price elastic with coffee since it is greater than 1.

For pastries, Good X is pastries while Good Y is Coffee

Given : Qdx2 = 2 Qd1= 5; Py2 = PhP140 Py1 = PhP120

Required : Ԑ𝑥𝑦 =?
 2−5 −3
Solution : %∆ 𝑄𝑑𝑥 = 2+5 = = −𝟎. 𝟖𝟔
3.5
2
140−120 20
%∆𝑃𝑦 = 140+120 = = 𝟎. 𝟏𝟓
130
2
−0.86
Ԑ𝑦 = 0.15 = −𝟓. 𝟕𝟑
Interpretation : The pastries are elastic-complement of Coffee for TJ.

Determinants of Price Elasticity of Demand

Some goods are more responsive to any change in price while others are not. Some are
prone to being elastic or inelastic than others. There are several reasons behind these elasticity
differences:

1. The importance or degree of necessity of the good. The more essential or necessary the
goods or services, the more inelastic the demand. On the other hand, goods and services that are
not very important tend to have an elastic demand. Examples are staple food, educational materials,
and the like.

2. Number of available substitutes. Demands for goods with greater number of substitutes
are elastic, while good with less or no substitute have inelastic demand. Power distributors like
MERALCO is a good example. This is because an increase in the price of a certain product
encourages consumers to look for alternative or substitute goods available in the market.

3. The proportion of income in price changes. Demand is inelastic for a product whose
changes seemingly have no effect on the consumer income or budget. However, any change in
price resulting to a substantial effect on consumers’ income has elastic demand.

4. The time period. The longer the time period is, the less elastic or more inelastic the
demand will be. This is because consumers have enough time to adjust their buying behaviour.

References:

Gabay, Kristoffer . et al. (Second Edition, 2012). Concepts and Principles of

Economics, Rex Book Store, Inc.
McEachern, William A. Economics: A Contemporary Introduction. Thomson
Southern West. 2006
Pindyck, Robert S. and Rubinfeld, Daniel L. (Fifth Edition). Microeconomics
Printice-Hall Inc Upper Saddle River, New Jersey.
Remedios P. Magnaye, DBA, Inesio H. Sadiangcolor, MBA, Gemar G. Perez, MBA,
Andres R. Delos Santos, EdD, Joven F. Andrada, BSE, Nemesio Y. Tiongson,
PhD, Rudolfo C. Acosta, PhD. Basic Economics : with Taxation and Land
Rreform. Jimczyville Publications, ©2014.