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WHOLESALE PRICE INDEX: An index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.
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Lesson 15: Aggregate Market | Unit 3: Doing Curves
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Page: 14 of 22
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Topic:
Short-Run Equilibrium
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Let's identify short-run equilibrium.- The negatively-sloped aggregate demand curve, is labeled AD. This curve is the same as in the long run.
- The SRAS curve is the positively-sloped short-run aggregate supply curve.
- The short-run aggregate market equilibrium at the intersection of the two curves.
At this short-run equilibrium:- The quantities of real production demanded and supplied are equal, buyers and sellers are satisfied, and the price level doesn't change.
- But, we don't know where full employment is located. This equilibrium might involve a surplus or a shortage in the labor market.
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TAX INCIDENCE The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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