In micro-economic theory much room is given to the discussion of inhomogeneous production functions, or more precisely, production functions with a monotonically decreasing elasticity of scale. On the ...

The Southern Economic Journal features original, refereed scholarly articles in all areas of economics as well as contributions on the pedagogy of economics. The journal also contains occasional ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Price elasticity of supply measures how responsive supply is to price changes.