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ELASTICITY AND DEMAND SLOPE: The slope of a straight-line demand curve, one with a constant slope, has constantly change elasticity. No two points on a straight-line 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 price-axis intercept is relatively elastic (1 < E < ∞). The segment between the midpoint and the quantitY-axis intercept is relatively inelastic (0 < E < 1).
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TOTAL FACTOR COST, PERFECT COMPETITION The opportunity cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For a perfectly competitive firm, the price paid is constant and total factor cost increases at a constant rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Whenever you fall, pick up something. " -- Oswald Avery, scientist
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CAP
Common Agricultural Policy
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