Abstract
Following Johnson (1913) we construct value elasticities from marginal rates of substitution and show four properties are one and the same at the lower bound of demand: The value elasticity is greater than or equal to one. Demand is inelastic. The cross price elasticity is negative. Positive indifference curves require positive amounts of the good. For general demand functions we show that if demand has a lower bound greater than zero then at this lower bound, demand is inelastic and cross price elasticities are on average negative. These results demonstrate that necessity is the essential guide to demand.
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