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LOCAL INPUT: An input that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate the production activity near the input rather than trying to bring the input to the production activity. Like many things, local inputs are a matter of degree. At the other end of the spectrum lies transferrable inputs. Natural resources of the land, such as soil fertility, weather conditions, mineral deposits, tend to have the greatest local orientation. Labor and many urban public utilities, such as water distribution and sewage disposable, also tend to fall into the local category.

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 4 of 25

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In this unit, you should have learned about:
  • A review of the demand concepts that relate to the study of elasticity, including the law of demand.
  • A review of the elasticity concepts, including basic elasticity concept, and the price elasticity of demand.
  • A review of the coefficient of elasticity and the midpoint formula for estimating elasticity.
  • A review of the two broad elasticity categories -- elastic and inelastic.
  • A review of the five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic.

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BUYERS' INCOME, DEMAND DETERMINANT

The income that buyers have available to purchase a good, which is assumed constant when a demand curve is constructed. Buyers' income is one of five demand determinants that shift the demand curve when they change. The other four are buyers' preferences, other prices, buyers' expectations, and number of buyers.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for gnomes hiding in cypress trees.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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