Abstract
The authors demonstrate that most textbooks are ambiguous at best in their treatment of cross price and income elasticity of demand. There is also no discussion of what initiates a price increase in discussions of substitutes and complements in the textbooks examined. The authors offer a remedy for these deficiencies.
References
1.
Arnold
R.
2008 . Economics , 8th ed. Mason, Ohio : Thomson South-Western .
2.
Baumol
W.
Besanko
A. D. Blinder
Braeutigam
R
. 2008 . Microeconomics , 3rd ed. Hoboken, NJ : John Wiley and Sons, Inc .
3.
Case
K
Fair
R.
, 2004 . Principles of Microeconomics , 7th ed. Upper Saddle River, NJ : Pearson Prentice .
4.
Frank
R. Hall
Bernanke
B.
, 2007 . Principles of Microeconomics , 3rd ed. New York : McGraw-Hill/Irwin .
5.
Hall
Lieberman
, 2008 . Economics , 8th ed. Mason, Ohio : Thomson South-Western .
6.
Hubbard
R.G.
O'Brien
A.
, 2008 . Economics , 2nd ed. Upper Saddle River, NJ : Pearson Prentice ' Hall .
7.
Lipsey
R.
Ragan
C
Storer
P
. 2008 . Microeconomics , 13th ed. , Boston : Pearson Education, Inc .
8.
Mankiw
G.
2009 . Principles of Microeconomics , 5th ed. Mason, Ohio : Thomson South-Western .
9.
McConnell
C.
Brue
S.
, 2008 . Microeconomics , 17th ed. New York : McGraw-Hill/Irwin .
10.
McEachern
W
, (2009 ) Economics: A Contemporary Approach , 8th ed. Mason, Ohio : Thomson South-Western .
11.
Miller
R.L.
2008 . Microeconomics Today , 14th ed. Boston : Pearson Education, Inc .
12.
Parkin
M.
2008 . Microeconomics , 8th ed. Boston : Pearson Education, Inc .
13.
Pindyck
R.
Rubinfeld
D.
, 2009 , Microeconomics , 7th ed. Upper Saddle River, NJ : Pearson Prentice Hall .
14.
Perloff
J.
2009 , Microeconomics 5th ed. Boston : Pearson Education, Inc .
15.
Schiller
B.
2008 , Economics 11th ed. New York : McGraw-Hill/Irwin .
16.
Sexton
R.L.
, 1991 . “Demand Induced Price Changes—Substitutes and Complements: A Cautionary Comment,” Atlantic Economic Journal , Vol. 19 , Issue 2 , p 68 .
17.
Sexton
R.L.
2008 . Exploring Microeconomics , 4th ed. Mason, Ohio : Thomson South-Western .