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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.
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YELLOW CHIPPEROON
Your compete MICRO*scope for today
You are the type of person who is the poster child for the phrase, "Have a nice day," as long as it involves shopping. Family and friends never know what to give you as a present, because you've already bought it. Today, you are likely to spend a great deal of time at an auction trying to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for deranged pelicans. You should consider shopping at stores or businesses beginning with the letter C, but do not buy any products with a serial number or product code containing the number 114916. Your preferred shopping venue is shopping malls. Your special symbol is the asterisk (*).
Is this You?
As a Yellow Chipperoon, you are happy, happy, happy. You enjoy everything about life and about shopping. You love shopping. You love buying. You love spending. You love to compare products and prices. You love the crowds. You love chatting with the store clerks. You love every bit of the buying process. Nothing dissuades you from having a good time shopping, whether you're buying a box of facial tissues or a new house. Does it get any better than spending an afternoon at the shopping mall? No way!
This isn't me! What am I?
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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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Fact 3: Our Unfair Lives Across the interstate from the Mega-Mart Discount Warehouse Super Center resides the Shady Valley Central Town Sprawling Hills Shopping Mall -- a prime example of our economy's climate-controlled, suburban shopping phenomenon. Our pedestrian's ramble through the economy would be totally inadequate if we did not spend at least one day strolling past the endless rows of stores with their displays of clothes, shoes, electronics, clothes, luggage, clothes, cheese pretzels, and of course clothes. Our pedestrian trip, however, is not concerned with the products exhibited beyond the stylish glass windows. No, our jumping off point is the gadzillions of people who pass us by, bump into us, get in our way, and generally make our shopping experience comparable to a commuter train during the rush hour. Those who comprise the shopping crowd are short, tall, young, old, fat, thin, black, white, happy, and sad. More importantly for our present discussion, however, is that some are rich and some are not-so-rich. A few of the wealthier shoppers actually buy the products framed by the picturesque windows that line the air-conditioned quaint mid-way of Shady Valley Central Town Sprawling Hills Shopping Mall. Others must be content to ogle the prominently displayed products or perhaps buy an occasional cheese pretzel.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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AFEA American Farm Economic Association
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