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PI: The abbreviation for personal income, which is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income is one of three measures of income reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.
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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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MARGINAL REVENUE, MONOPOLY The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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PHLX
Philiadelphia Stock Exchange
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