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Demand and Supply Curves: Rotations versus Shifts

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  • Philip Graves
  • Robert Sexton

Abstract

Virtually all principles and intermediate texts draw demand and supply curves as parallel shifts when a non-price variable changes its value, which implicitly assumes that the demand (or supply) relation is linear. But economists commonly speak of “the” income elasticity, as if it were constant (and not varying continuously as is the case with the linear specification). If the income elasticity is constant, then the demand curve must rotate when income changes. Copyright IAES 2006

Suggested Citation

  • Philip Graves & Robert Sexton, 2006. "Demand and Supply Curves: Rotations versus Shifts," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(3), pages 361-364, September.
    • Handle: RePEc:kap:atlecj:v:34:y:2006:i:3:p:361-364
    DOI: 10.1007/s11293-006-9021-2
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    References listed on IDEAS

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    1. Salvatore, Dominick, 2017. "Microeconomics Theory and Applications," OUP Catalogue, Oxford University Press, edition 5, number 9780195382686.
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    More about this item

    Keywords

    A20;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General

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