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AD-AS ANALYSIS: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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INELASTIC: In general, if changes in variable A cause changes in variable B, then the relative change in B is less than the relative change in A. In other words, large changes in variable A cause relatively smaller changes in variable B. An inelastic relationship between two variables is not a very responsive, or stretchable, relationship. You should compare inelastic with elastic. See also | elasticity | elastic | relatively inelastic | perfectly inelastic | relatively elastic | unit elastic | perfectly elastic | demand price | supply price | quantity demanded | quantity supplied | inelastic demand | inelastic supply |
Recommended Citation:INELASTIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: December 8, 2022].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: inelastic
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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for crowded shopping malls.
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A half gallon milk jug holds about $50 in pennies.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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GEB
Games and Economic Behavior
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