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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 17 of 25
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In this unit, you should have learned about:- Calculating the price elasticity of demand using the midpoint formula.
- How the price elasticity of demand takes on a range of values over a demand schedule.
- Why a straight-line demand curve contains all five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.
- The difference between slope measured in actual units and elasticity measured in relative values.
- Why elasticity changes along demand curve from high prices and small quantities to low prices and large quantities..
- The relation between total expenditures on a good and the five elasticity alternatives on a demand curve.
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HERFINDAHL INDEX A measure of concentration of the production in an industry calculated as the sum of the squares of market shares for each firm. This is one method of summarizing the degree to which an industry is oligopolistic and the concentration of market control held by the largest firms in the industry. Two other measures of industry concentration are the four-firm concentration ratio and the eight-firm concentration ratio.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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IBRD
International Bank for Reconstruction and Development
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