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ANNUITY: The receipt of payments at regular intervals from a established fund. Annuities are commonly used for insurance and retirement programs. It works in this way: A fund, which can be established either through a one-time sum of money or a series of payments, is exhausted over time with fixed, periodic payments. The amount of each payment depends on the interest accrued on the outstanding balance in the fund, and the length of time scheduled to exhaust the fund. For example, if your pension plan is based on an annuity that begins payments at the age of 65, then the size of the payments depends on whether you expect to live 5, 10, 15, or more years and set up payments accordingly. It's very similar to amortization, but in the reverse direction.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 6 of 25
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- Demand responsiveness can be classified into one of two broad categories:
- Elastic:
- A good is said to be elastic if quantity is very responsive to the price. To be more specific:
- Elastic means the percentage change in quantity is greater than the percentage change in price.
- Inelastic:
- A good is said to be inelastic if quantity is NOT very responsive to the price. To be more specific:
- Inelastic means the percentage change in quantity is less than the percentage change in price.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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KCBT
Kansas City Board of Trade
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