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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity |
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Unit 6:
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Supply
This supply lesson provides an introduction into selling a wide range of goods. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics that can be used to explain a lot of economic phenomenon. Of course to use markets, we need both demand and supply. And supply part is our current lesson. - The first unit of this lesson introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit then we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, we make a connection between supply and the limited resources part of scarcity.
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TOTAL FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope
This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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ANOVA
Analysis of Variance
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