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 RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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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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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.

 BEIGE MUNDORTLE[What's This?] Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for a thesaurus filled with typos.Your Complete Scope
 North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
 "It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "-- Henry David Thoreau, philosopher
 NDPNet Domestic Product
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