Saturday  September 22, 2018
 AmosWEB means Economics with a Touch of Whimsy!
 L: This has two common uses. One is as the standard abbreviation for the quantity of labor, especially for the analysis of production. The complementary representations for other inputs are "K" for capital and "N" for population. The second is as the broadest monetary aggregate for the U.S. economy tracked by the Federal Reserve System, best thought of as total liquid assets. It was since be discontinued. In it's heyday, it was comprised of everything in M3 plus other liquid assets, including U.S. Treasury bills, commercial paper, and savings bonds. L was typically 15 to percent higher than M3 and seven times as much as M1. The Federal Reserve System discontinued this measurement in 1998.
 Most Viewed (Number) Visit the WEB*pedia

 Lesson Contents Unit 1: The Concept Stretchability Responsiveness Quantity Changes Some Definitions Unit 1 Summary Unit 2: A Little More Two Categories Why Study: Market Shocks Why Study: Taxes Why Study: Price Controls Unit 2 Summary Unit 3: Measurement Two Types The Coefficient Doing The Numbers: Endpoint Doing The Numbers: Midpoint Unit 3 Summary Unit 4: A Continuum Elasticity Alternatives Perfectly Elastic Relative Elastic Perfectly Inelastic Relatively Inelastic Unit 4 Summary Unit 5: Market Elasticity Four Measures Elasticity Determinants Unit 5 Summary Course Home
Elasticity Basics

In this lesson, we will examine the basics of elasticity, including what it is, how it is measured, and how it is used in market analysis.

• The first unit of this lesson, The Concept, introduces the elasticity concept and previews its role in market analysis.
• In the second unit, A Little More, examines the importance of elasticity for such topics as market shocks, taxes, and price controls.
• The third unit, Measurement, takes a close look at how elasticity is measured, focusing on the coefficient of elasticity.
• The fourth unit, A Continuum, examines the five categories of elasticity, ranging from elastic to inelastic, that form a continuum.
• The fifth unit and final unit, Market Elasticity, closes this lesson by introducing four key elasticity concepts for the market demand and supply.

|

INELASTIC DEMAND

The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.

 BLUE PLACIDOLA[What's This?] Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for slow moving vehicles with darkened windows.Your Complete Scope
 Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
 "Always remember that striving and struggle precede success, even in the dictionary. "-- Sarah Ban Breathnach, writer
 TIBORTokyo Interbank Offered Rate (Japan)
 Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

| | | | | | | | | | |
| | | |

Thanks for visiting AmosWEB