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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND: A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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Lesson Contents
Unit 1: An Overview
  • Elasticity And Demand
  • Price Elasticity Of Demand
  • Upon Further Review
  • Unit 1 Summary
  • Unit 2: The Continuum
  • Relative Adjustments
  • Five Alternatives
  • Three Of Five
  • Two Of Five
  • Unit 2 Summary
  • Unit 3: Measurement
  • Doing The Numbers
  • A Range Of Values
  • The Demand Curve
  • Slope And Elasticity
  • Changing Elasticity
  • Total Revenue
  • Expenditures And Elasticity
  • Unit 3 Summary
  • Unit 4: Determinants
  • Substitute Availability
  • Time Period
  • Budget Proportion
  • Unit 4 Summary
  • Unit 5: Other Measures
  • Price Elasticity Of Supply
  • Income Elasticity Of Demand
  • Cross Elasticity Of Demand
  • Unit 5 Summary
  • Course Home
    Elasticity and Demand

    Elasticity is the relative responsiveness of one variable to changes in another variable. Economists find this notion of elasticity quite useful in the study of markets. In this lesson, we examine the basics of demand elasticity, especially the price elasticity of demand.

    • The first unit of this lesson, An Overview, gets us started with a review of several concepts related to elasticity and demand.
    • In the second unit, The Continuum, we take a close look at how the five elasticity alternatives are reflected by demand curves.
    • The third unit, Measurement, runs through some numbers for measuring the price elasticity of demand, and how elasticity values related to a straightline demand curve.
    • The fourth unit, Determinants, examines how the three determinants of elasticity affect the elasticity coefficient.
    • The fifth unit and final unit, Other, closes this lesson by introducing examine three related elasticity measures.

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    AVERAGE PROPENSITY TO SAVE

    The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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    APLS

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    Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
    "The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

    -- Napoleon Hill, author

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