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January 17, 2018 

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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.

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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.

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    REVENUE EFFECT

    The generation of revenue used to finance government operations that results from placing taxes on economic activity. The revenue effect is the primary reason that governments impose taxes on members of society. Without the revenue generated from taxes, governments could not provided valuable and essential public goods nor undertake other government operations. This is one of two effects of taxation. The other is the allocation effect, which is the change in resource allocation that results because taxes create disincentives to produce, consume, and exchange.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
    Your Complete Scope

    This isn't me! What am I?

    More money is spent on gardening than on any other hobby.
    "Being defeated is only a temporary condition; giving up is what makes it permanent."

    -- Marilyn vos Savant, Author

    CRS
    Constant Returns to Scale
    A PEDestrian's Guide
    Xtra Credit
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