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INELASTIC SUPPLY: Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the supply price. An inelastic supply has a coefficient of elasticity less than one. You might want to compare inelastic supply to elastic supply, inelastic demand, and elastic demand.

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VARIABLES

Quantities, usually represented as symbols, that can take on one of a set of values. A variable is "variable" because its value can "vary." A primary goal of economic analysis is to determine the specific value that a variable takes on under specific circumstances.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for jovial bank tellers.
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Lombard Street is London's equivalent of New York's Wall Street.
"We can't take any credit for our talents. It's how we use them that counts. "

-- Madeleine L'Engle, Writer

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Weak Axiom of Cost Minimization
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