
TOTAL PRODUCT AND AVERAGE PRODUCT: A graphical connection between total product curve and average product curve stating that the slope of a line between the origin and any point on the total product curve is equal to the average product. Imagine a ray shooting out of the origin and hitting the total product curve. As this ray hits each point on the curve, remaining anchored at the origin, the slope of the ray changes. And the slope of this ray is average product.
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ELASTICITY AND DEMAND SLOPE: The slope of a straightline demand curve, one with a constant slope, has constantly change elasticity. No two points on a straightline demand curve as the same elasticity. The point of intersection between the demand curve and the vertical, price axis is perfectly elastic (E = ∞). The intersection point between the demand curve and the horizontal, quantity axis is perfectly inelastic (E = 0). The exact middle, or midpoint, of the demand curve is unit elastic (E = 1). The segment between the midpoint and the priceaxis intercept is relatively elastic (1 < E < ∞). The segment between the midpoint and the quantitYaxis intercept is relatively inelastic (0 < E < 1). See also  demand  demand curve  elasticity  elastic  inelastic  relatively inelastic  perfectly inelastic  relatively elastic  unit elastic  perfectly elastic  elasticity alternatives, demand  coefficient of elasticity  midpoint formula  arc elasticity  point elasticity  Recommended Citation:ELASTICITY AND DEMAND SLOPE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 20002019. [Accessed: June 17, 2019]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: elasticity and demand slope
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profitmaximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to shortrun production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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