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Sep 8, 2015 09:19
9 yrs ago
4 viewers *
Spanish term

la unidad

Spanish to English Social Sciences Economics
In the following multiple choice question on the "necessity good" concept, what is the correct translation of "la unidad"? From my understanding of the subject, I think the only word that can be used here is "one", but I don't see how "la unidad" could be translated as that. Am I missing something?

1) Definimos “bien necesario” como:
a) Aquel bien imprescindible para la supervivencia humana.
b) Aquel bien cuya elasticidad-renta es positiva pero menor que la unidad.
c) Aquel bien que los consumidores tienen que comprar, aunque aumente su precio.
d) En nuestra sociedad de consumo no existen los “bienes necesarios”, sólo son trampas publicitarias.
Proposed translations (English)
4 is unitary
4 +6 1 / unity / one
3 unit
Change log

Sep 8, 2015 09:20: Fernanda Rocha changed "Language pair" from "Portuguese to English" to "Spanish to English" , "Field (write-in)" from "\"necessity good\" concept" to "(none)"

Discussion

David Swain (asker) Sep 14, 2015:
For the record, I don't believe the answer I chose to be wrong. I investigated the matter and came to conclusion that "unitary" was the correct answer. It is the answer I submitted to my client, who teaches economics at university level and has not complained. I'm not saying that the answer proposed by DLyons is wrong, merely that the one I chose is right and is my preferred option.
DLyons Sep 14, 2015:
@For the record The answer chosen is just plain wrong :-) // This is entirely unrelated to my answer and the asker is 100% entitled to choose any answer or use something different.
Vitor Pinteus Sep 9, 2015:
@David This "1 / one / unity" is a dimensionless value.
The "income elasticity of demand" is the ratio/division of the percentage change in demand to the percentage change in income.
The value "1" is a "boundary value" / separator between classifications: between "necessity goods" (0< Ey < 1; this is your situation) and "luxury goods" (Ey>1).
If the good has an elasticity of demand exactly equal to 1 (Ey=1), we say that it is a good with "unitary elasticity of demand" or "unitary elastic demand".
Vitor Pinteus Sep 9, 2015:
see links 1. ("If income elasticity of demand of a commodity is less than 1, it is a necessity good."): https://en.wikipedia.org/wiki/Income_elasticity_of_demand
2. ("The income elasticity of a necessity good is thus between zero and one.): https://en.wikipedia.org/wiki/Necessity_good
3. ("A necessity good is a normal good with an income elasticity of demand of less than one. It may be surprising to learn that the income elasticity of demand for alcoholic beverages is less than 1."): https://books.google.pt/books?id=VXFsBgAAQBAJ&pg=PA326&lpg=P...
DLyons Sep 8, 2015:
https://en.wikipedia.org/wiki/Elasticity_(economics)

"An elasticity of zero indicates that quantity supplied does not respond to a price change: it is "fixed" in supply. Such goods often have no labor component or are not produced, limiting the short run prospects of expansion. If the coefficient is exactly one, the good is said to be unitary elastic."

So the text is saying elasticity < 1.

Proposed translations

35 mins
Selected

is unitary

As you know the question refers to the economic theory of income elasticity of demand. According to the mathematical explanation of this theory the case where the demand increases by a ratio of 1 to the increase in income. e.g a 10% rise in income produces a 10% rise in demand is known as the 'unitary' case.

See web reference below
Example sentence:

2. Unitary income elasticity of demand: In this case increase in income is accompanied by same proportionate increase in quantity demanded. Here the value of coefficient Ey is equal to unity (Ey=1). E.g.: 10% increase in quantity demanded due to 10% incr

Reference:

https://en.wikipedia.org/wiki/Income_elasticity_of_demand#Mathematical_definition

Note from asker:
Excellent! Thank you Andrew, that looks to be exactly what I need.
Peer comment(s):
neutral DLyons : This relates to Income elasticity which can be greater than one. The ST specifically says <1, so saying "not one" paints a very different picture.
19 mins
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "This is the option I chose because I feel it is the most suitable"
+6
31 mins

1 / unity / one

It's a number - elasticity.
Note from asker:
Thanks for your answer DLyons. Would you mind explaining your answer a little please? IN particular, I don't understand what "unity" would mean in this context.
Peer comment(s):
agree Billh : one
22 mins
Thanks Billh. Yes, reads better than the alternatives.
agree Charles Davis : "One" for duffers like me; "unity" for you clever chaps. // No sarcasm intended! I'm quite clever in other areas but pretty stupid in this one :)
2 hrs
Thanks Charles. First time I've been called that, other than in a sarcastic tone :-)
agree philgoddard
3 hrs
Thanks Phil.
agree bigedsenior : "one"
5 hrs
Thanks bigedsenior.
agree Muriel Vasconcellos
18 hrs
Thanks Muriel.
agree Vitor Pinteus : see discussion. In fact, this occurs with the three suggestions mentioned: "less than 1" (more frequent), "less than one", and "less than unity" (less frequent).
1 day 1 hr
Thanks Vitor. Good references.
Something went wrong...
1 hr

unit

elasticity unit or unit elasticity
Something went wrong...
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