File:Marshall PED.png

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Marshall_PED.png ‎(175 × 180 pixels, file size: 5 KB, MIME type: image/png)

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English: A diagram accompanying Alfred Marshall's original definition of price elasticity of demand. Captioned:
The elasticity of demand can be best traced in the demand curve with the aid of the following rule. Let a straight line touching the curve at any point P meet Ox in T and Oy in t, then the measure of the elasticity at the point P is the ratio of PT to Pt.
If PT were twice Pt, a fall of 1 per cent. in price would cause an increase of 2 per cent., in the amount demanded; the elasticity of demand would be two. If PT were one-third of Pt, a fall of 1 per cent. in price would cause an increase of 1/3 per cent. in the amount demanded; the elasticity of demand would be one-third; and so on. Another way of looking at the same result is this:—the elasticity at the point P is measured by the ratio of PT to Pt, that is of MT to MO (PM being drawn perpendicular to Om); and therefore the elasticity is equal to one when the angle TPM is equal to the angle OPM; and it always increases when the angle TPM increases relatively to the angle OPM, and vice versâ.
Date (identical copy of that included in the first edition, 1890 [1]).
Source Marshall, Alfred. Principles of Economics. Book III, Chapter IV..
Author Alfred Marshall (died 1924; UK).
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current12:00, 7 March 2010Thumbnail for version as of 12:00, 7 March 2010175 × 180 (5 KB)Jarry1250{{Information |Description={{en|1=A diagram accompanying en:Alfred Marshall's original definition of en:price elasticity of demand. Captioned: :''The elasticity of demand can be best traced in the demand curve with the aid of the following

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