Elasticity Of Demand

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...relationship between commodity, usefulness, exchange and the value of labor laid the foundation for the basic interpretation of a capitalist economy. The value of quality and quantity of objects produced in response to human wants and, or, needs is the cornerstone of supply and demand economics. The elasticity of demand for a commodity is considered an important component in the process of capitalistic exchange. A commodity is an object that by its properties satisfies human wants. It doesn't matter whether the want is a result of a need, or whether the object fulfills the need or want, simply that humans feel compelled to seek such an object. Commodities are objects that are useful (Marx, 1977). The 'market' is defined by the supply and demand of commodities. The modern entrepreneur is as bound by the limitations of the market as the early industrialists. The concept of elasticity of demand is of importance to the entrepreneur...

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