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ELASTICITY ALTERNATIVES: Five categories of elasticity that form a continuum indicating the relatively responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually demand price or supply price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often are used to categorize the price elasticity of demand and the price elasticity of supply.

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Lesson 6: Supply | Unit 4: Determinants Page: 16 of 19

Topic: Ch...Ch...Changes <=PAGE BACK | PAGE NEXT=>

  • Supply, the whole range of prices and quantities
  • Quantity supplied, a specific quantity supplied at a specific price.
The difference between:
  • Change in supply, we are changing, moving, shifting, the entire supply curve, the whole set of prices and quantities is changing. The five determinants change the supply.
  • Change in quantity supplied, we have moved to a new quantity on an same supply curve. Only the price of the good changes the quantity supplied.
  • This difference lets us analyze cause and effect.
  • Don't confuse these two.

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INJECTIONS LINE

A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.

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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

-- Peter F. Drucker, author

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