Google
Tuesday 
December 11, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
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.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 12 of 20

Topic: Summary <=PAGE BACK | PAGE NEXT=>

  • The four basic changes in the market caused by increases or decrease in demand or supply.
  • The six steps sequence to analyze any market shock: (1) a determinant changes, (2) a curve to shifts, (3) a shortage or a surplus occurs, (4) the price changes, (5) the quantities demanded and supplied change, and (6) the market imbalance is eliminated and equilibrium is restored.
  • That an increase in demand causes an increase quantity and an increase in price.
  • That a decrease in demand causes a decrease quantity and a decrease in price.
  • That an increase in supply causes an increase quantity and a decrease in price.
  • That a decrease in supply causes a decrease quantity and an increase in price.

Course Home | Lesson Menu | Page Back | Page Next

LOSS MINIMIZATION RULE

A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).

Complete Entry | Visit the WEB*pedia


APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market hoping to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope

This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

SET
Securities Exchange of Thailand
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster