Identifier: economiccyclesth00moor (find matches)
Title: Economic cycles: their law and cause
Year: 1914 (1910s)
Authors: Moore, Henry Ludwell
Subjects: Depressions Agriculture -- Economic aspects Supply and demand
Publisher: New York : The Macmillan Company
Contributing Library: University of California Libraries
Digitizing Sponsor: MSN

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ion y =a+hx-\-cx^-\rdx^ to the data of Tables I, II, III, IV of the Appendixto this chapter. The results of the computations areexhibited in Figures 17, 18, 19, 20 of the text. The statistical laws of demand for the commoditiescorn, hay, oats, and potatoes present the fundamentalcharacteristic which, in the classical treatment of de-mand, has been assumed to belong to all demandcurves, namely, they are all negatively inclined; that isto say, speaking from the point of view of averageresults, the greater the amount to be sold, the smallerwill be the price at which it will find purchasers, or, inother words, . . . the amount demanded increaseswith a fall in price and diminishes with a rise in price. ^ 1 Marshall: Principles of Economics, 4th edit., p. 174. In case ofthe law of demand for hay, there is a slight upward turn at the ex-tremity of the curve. This is due to one extreme observation, andthe variation is not a significant exception to the above general rule. The Law of Demand 73
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Percenfade chande in the production of corn. Figure 17. The law of demand for corn.1/ = .94 — 1.0899a; + .0239 1.t 2 — .000234x3, origin at (0, 0). 74 Economic Cycles: Their Law and Cause 1-4S \- K V- h/\ \ >v. N \ ^\ V 1 i \ ^\ s; \\ N ^ A \\ /\ % -IS ^ V\ ^ ^^ ) -15 -35-AS Percenfade chande in the production of hay. Figure 18. The law of demand for hay.y = 4.17 — .9460x — .00770x2 + .OOOSSox, origin at (0, 0). The Law of Demand 75 ^ 1. ^vr—=^, Percentage chande in the production OF oats. Figure 19. The law of demand for oats.y = 8.22 — 1.1904X — .00663a:» + .000273x3, origin at (0, 0). 76 Economic Cycles: Their Law and Cause ^^s V >> ^ V \ \ \k f\ 1 1 \ V \. ^ ^^—s, ^^ K, \ Percenfade chende in the production of potatoes. Figure 20. The law of demand for potatoes.y = 1.77 — 1.5062X + .02489x2— .000197x^ origin at (0, 0). The Law of Demand 77 But unlike the classical theory of demand which waslimited to the simple enunciation of this one character-istic,

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