Approximate formulas for elasticity of the Tornquist functions and some their advantages

Meyram Issin

2017

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DOI 10.1063/1.5000660
Data confidence 70 medium
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Abstract

In this article functions of demand for prime necessity, second necessity and luxury goods depending on the income are considered. These functions are called Tornquist functions. By means of the return model the demand for prime necessity goods and second necessity goods are approximately described. Then on the basis of a method of the smallest squares approximate formulas for elasticity of these Tornquist functions are received. To receive an approximate formula for elasticity of function of demand for luxury goods, the linear asymptotic formula is constructed for this function. Some benefits of approximate formulas for elasticity of Tornquist functions are specified.