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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity
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Page: 23 of 25
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The four specific elasticity measurements that are most important for our study of the market are:- The price elasticity of demand.
- The percentage change in quantity demanded resulting from a percentage in price.
- The price elasticity of supply.
- The percentage change in quantity supplied resulting from a percentage in price.
- The income elasticity of demand.
- The percentage change in demand resulting from a percentage in income.
- The cross elasticity of demand.
- The percentage change in demand resulting from a percentage in the price of another good
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VOLUNTARY EXCHANGE The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for infected paper cuts.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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BQ
Basic Qoute
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