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PRICE CONTROLS: Government intervention in markets in which legal restrictions are placed on the prices charged. The two basic types of price controls are price ceilings and price floors. Price ceilings are maximum prices set below the equilibrium price. Price floors are minimum prices set above the equilibrium price. Price controls imposed on an otherwise efficient and competitive market create imbalances (shortages or surpluses) which cause inefficiency. However, imposing price controls on a market that fails to achieve efficiency (due to market control, externalities, or imperfect information) can actual improve efficiency. Price controls have also be used economy-wide in an attempt to reduce inflation.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 15 of 25

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In this unit, you should have learned about:
  • The two types of elasticity measurements -- arc elasticity for discrete changes and point elasticity for infinitesimally small changes.
  • The coefficient of elasticity used to quantify the elasticity concept.
  • The endpoint formula for calculating the coefficient of elasticity.
  • The midpoint formula for calculating the coefficient of elasticity.
  • How the coefficient of elasticity differs using the endpoint and midpoint formulas.

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AVERAGE PROPENSITY TO SAVE

The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.

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APLS

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for poorly written technical manuals.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

VES
Variable Elasticity of Substitution
A PEDestrian's Guide
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