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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 14 of 25
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Topic:
Changing Elasticity
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- The price elasticity of demand for a demand curve with a constant slope varies over the entire range of the elasticity continuum:
- The perfectly elastic range, or rather point, is the intersection between the demand curve and the vertical price axis.
- The relatively elastic range is the "upper" half of the demand curve between midpoint and the vertical price axis.
- The unit elastic range, or point, is the exact midpoint that divides the demand curve into two equal segments.
- The relatively elastic range is the "lower" half of the demand curve between midpoint and the horizontal quantity axis.
- The perfectly inelastic range, or point, is intersection between the demand curve and the horizontal quantity axis.
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OLIGOPOLY AND MONOPOLY Oligopoly and monopoly have some similarities, both tend to be relatively large and possess significant market control, but also have a few important differences, oligopoly market has more than one firm. The dividing line between oligopoly and monopoly, however, can be blurred due to the closeness of substitutes and the inclination of oligopoly firms to collude.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for deranged pelicans.
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The average length of a "business lunch" is about 36 minutes.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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WE
Walrasian Equilibrium
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