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AFRICAN DEVELOPMENT BANK: A regional multilateral development institution engaged in promoting the economic development and social progress of its member countries in Africa. The Bank, established in 1964, started functioning in 1966 with its Headquarters in Abidjan, Cote d' lvoire. The Bank borrows funds from the international money and capital markets. Its shareholders are the 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 17 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

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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ORDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for slightly overweight pizza delivery guys.
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The average length of a "business lunch" is about 36 minutes.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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