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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.
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Lesson Contents
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Unit 1: An Overview |
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Unit 2: The Continuum |
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Unit 3: Measurement |
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Unit 4: Determinants |
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Unit 5: Other Measures | |
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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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PRIVATIZATION The process of converting or "selling off" government-owned assets, properties, or production activities to private ownership. Privatization is usually undertaken either to generate revenue for the government or as part of an overall laissez faire approach to the economy.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope
This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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SLLN
Strong Law of Large Numbers
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