Abstract
Demand and supply schedules are common enough in economics textbooks, and the facts of economic life show that such schedules do represent the economic behaviour of man in the mass. It is not often, however, that we can watch a firm laying down explicit demand and supply schedules in the manner of a treatise on economics. Table I shows the highly elastic demand schedule for American cotton on which Owen Owens and Son of Manchester in 1821 instructed their partner in Philadelphia to base his purchases.2 The Manchester firm had not in 1821 had a great deal of experience of
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