Abstract
The consumption pattern of seven major metals—steel, aluminum, copper, lead, nickel, tin and zinc—has frequently violated the law of demand in the late 20th century. This paper examines the patterns of the major metal consumption in the world and seven particular regions and analyzes the disarray of metals consumption. Divisia price–quantity covariance indexes report that the price and quantity consumed moved frequently in the same direction, and the elasticity approach shows that the own-price elasticities are extremely small and insignificant, while income elasticities are significant. However, considering the parameters that are crucial in determining the own-price elasticity, this paper concludes that the apparent disarray in metals consumption is not in fact real.
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