Rule of one-half/Definition: Difference between revisions
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imported>Nick Gardner (New page: <noinclude>{{Subpages}}</noinclude> A procedure for the estimating the value of consumer's surplus on the assumption of a linear relationship between supply and demand - as a result o...) |
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A procedure for the estimating the value of [[consumer's surplus]] on the assumption of a linear relationship between supply and demand - as a result of which the estimated value of the surplus is ''one-half'' of the product of the price change and the change in the quantity purchased. | A procedure for the estimating changes in the value of [[consumer's surplus]] on the assumption of a linear relationship between supply and demand - as a result of which the estimated value of the surplus is ''one-half'' of the product of the price change and the change in the quantity purchased. | ||
Latest revision as of 03:49, 27 June 2010
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Rule of one-half [r]: A procedure for the estimating changes in the value of consumer's surplus on the assumption of a linear relationship between supply and demand - as a result of which the estimated value of the surplus is one-half of the product of the price change and the change in the quantity purchased.