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PHYSICAL CAPITAL: The synthetic resources used to produce goods and services. Capital is a factor of production that has been previously produced. Unlike other types of material items, capital does not become a part of the product. This should be compared with financial capital and human capital.
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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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RESOURCE PRICES, SUPPLY DETERMINANT The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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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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CPI
Consumer Price Index
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