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 DISCOUNT RATE: The interest rate that the Federal Reserve System charges for loans to banks. To ensure that our nation's banks retain their liquidity and remain in business, the Federal Reserve System stands ready to lend bank reserves on a moment's notice to any bank. The discount rate is the interest rate the Federal Reserve System charges for these loans. Like any interest rate, when it goes up (or down) it discourages (or encourages) borrowing. In principle, the Fed can use the discount rate to control our nation's money supply.
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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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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

 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
 Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
 "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
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