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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
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Lesson 6: Supply | Unit 1: Selling Basics
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- Supply as the range of prices and quantities that sellers are willing and able to sell at different prices.
- Why sellers must be both willing and able to sell a good to have a supply. While willingness can influence some supply, ability, which is based on production cost, is more important.
- Why supply includes a range of prices and quantities, not just a specific quantity.
- Why supply is analyzed during a given time period.
- That supply price as the minimum price sellers would be willing and able to accept for a given quantity.
- That quantity supplied is the specific quantity sellers would be willing and able to sell at a specific price.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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ANOVA
Analysis of Variance
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