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CAPITAL STOCK, AGGREGATE SUPPLY DETERMINANT: One of several specific aggregate supply determinants assumed constant when the aggregate supply curves (both long run and short run) are constructed, and which shifts the aggregate supply curves when it changes. An increase in the capital stock causes an increase (rightward shift) of both aggregate supply curves. A decrease in the capital stock causes a decrease (leftward shift) of both aggregate supply curves. Other notable aggregate supply determinants include the technology, energy prices, and the wages. Capital stock comes under the resource quantity aggregate supply determinant.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 12 of 25
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Topic:
The Demand Curve
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- Elasticity is NOT constant along the demand curve.
- In particular, the demand curve can be divided into the five elasticity alternatives:
- Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.
- Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.
- Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.
- Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.
- Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.
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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for slow moving vehicles with darkened windows.
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A half gallon milk jug holds about $50 in pennies.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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IV
Instrumental Variables
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