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OUTPUT: A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process. This notion of output, which also goes by the alias product, usually surfaces in the context of analyzing the short-run production of a firm. The short-run relation between a variable input and output is of particular interest because it reveals the law of diminishing marginal returns. This law indicates that additional quantities of a variable input, when added to a fixed input, have decreasing marginal products, or marginal returns.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 11 of 25

Topic: Two Types <=PAGE BACK | PAGE NEXT=>

  • Two general types of elasticity measurements:

  • Arc elasticity is an average measure of elasticity for discrete changes in two variables.
  • Point elasticity is a measure of elasticity for infinitesimally small changes in two variables.
  • The use of more sophisticated mathematics is helpful when calculated point elasticity.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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