To be clear, this is the low-order approximation around 0; as explained in Paul’s link (sibling to this) the effect away from zero involves the shape of the supply and demand curves through the relevant region of prices (and the stated claim holds when they’re linear).
To be clear, this is the low-order approximation around 0; as explained in Paul’s link (sibling to this) the effect away from zero involves the shape of the supply and demand curves through the relevant region of prices (and the stated claim holds when they’re linear).