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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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Lesson 19: Money Creation | Unit 4: The Multiplier Page: 19 of 23

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  • That a multiplier captures the magnified relationship between deposit creation and extra bank reserves.
  • That the multiplier can be expressed with an equation: D = mR.
  • That the key to the deposit multiplier is required reserves and that the deposit multiplier is the inverse of the reserve ratio.
  • Other factors that influence the total amount of money created:
    • Banks keep excess reserves.
    • Money leaks out checkable deposits into savings deposits.
    • Customers keep some deposit-creating loans in cash.
  • That the Federal Reserve uses a complex money multiplier in trying to control the amount of money circulating in the economy.

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MARGINAL PRODUCT

The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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