Price elasticity of demand measures how much, in terms of percentage change, the quantity demanded responds to a change in price. In this pedagogical note, first we intuitively introduce the very first notion of price elasticity, which is a directional measure because it describes the impact of...

During the production process one should operatively survey pre-established (standard) costs with a view of determining and analyzing deviations as costs are settled at the level of an activity considered to be normal while real activity can display deviations from this. The system of analysis...

This paper examines the magnitude of error associated with linear approximations of nonlinear variables based on Taylor's Series. Little attention has been given to the error term in previous empirical studies. This paper presents the mathematical technique for the single-variable and...

This paper summarizes and highlights different methodological approaches to behavioural economics in the context of the conventional economic wisdom and the implications of these different methodological approaches for financial literacy, related institutional change, and public policy....

The most important steps taken in commerce, as consequences of the scientific and technical progress, are reflected in the sequence of the six major revolutions completed in this sector of activity: the emergence of large stores, the development of branches, the emergence of popular stores, the...

William Vickrey, Nobel Laureate in 1996, made many significant contributions to economics. Paradoxically, his work can be considered both as the epitome of orthodoxy and as profoundly heterodox. This article reviews some of Vickrey’s major writings in fields as varied as the macroeconomics of...

Currently, the companies are obvious changes in activity mode of organization, type of development, behaviour towards the environment. There are different views about the causes of these changes, but all the authors mentioned globalization as one of the causes. Focused on the relationship...