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CATO INSTITUTE: A public policy research foundation that contributes to the public policy debate inspired by the principles of limited government, individual liberty, free markets, and peace. The Institute is named for Cato's Letters, which are 144 libertarian essays written by John Trenchard and Thomas Gordon and first published from 1720 to 1723, condemning tyranny and advancing principles of liberty. These two Englishmen were inspired by Cato the Younger (95-46 B.C.) a Roman statesman who had of the reputation for honesty and incorruptibility in ancient times. The Cato Institute is a non-profit organization founded in 1977 by Edward H. Crane and is headquartered in Washington, D.C.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 6 of 25

Topic: Five Alternatives <=PAGE BACK | PAGE NEXT=>

  • A precise categorization separates elasticity into five alternatives along a continuum:

  • Perfectly inelastic demand results if the elasticity coefficient is 0.

  • In the range greater than 0 and less 1, demand is relatively inelastic.

  • If the coefficient is exactly equal to 1, demand is unit elastic.

  • Demand occupies the relatively elastic range of the continuum with an elasticity coefficient greater than 1 and less than infinity.

  • At the far extreme, perfectly elastic demand results if the elasticity coefficient is infinity.

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UNCERTAINTY

The observation and recognition that information, especially information about the future, is not known. While any number of events might occur in the future, uncertainty exists because which specific events will occur is unknown. A related concept is risk, which is assigning probabilities to potential future outcomes. Uncertainty is a central component in the economic study of information.

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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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