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 SPATIAL: A modifying term used to indicate a connection or relation to space, and by inference the study of urban and regional economics, as suggested by the term spatial differentiation (which means differences in the concentration of economic activity across space). This term is commonly used to make people some exceedingly intelligent by asking questions like "Did you consider spatial factors in your analysis?" However, in so doing be careful that the word is pronounced "spatial", not "special." This just confuses the situation.
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 Lesson Contents Unit 1: The Concept Stretchability Responsiveness Quantity Changes Some Definitions Unit 1 Summary Unit 2: A Little More Two Categories Why Study: Market Shocks Why Study: Taxes Why Study: Price Controls Unit 2 Summary Unit 3: Measurement Two Types The Coefficient Doing The Numbers: Endpoint Doing The Numbers: Midpoint Unit 3 Summary Unit 4: A Continuum Elasticity Alternatives Perfectly Elastic Relative Elastic Perfectly Inelastic Relatively Inelastic Unit 4 Summary Unit 5: Market Elasticity Four Measures Elasticity Determinants Unit 5 Summary Course Home
Elasticity Basics

In this lesson, we will examine the basics of elasticity, including what it is, how it is measured, and how it is used in market analysis.

• The first unit of this lesson, The Concept, introduces the elasticity concept and previews its role in market analysis.
• In the second unit, A Little More, examines the importance of elasticity for such topics as market shocks, taxes, and price controls.
• The third unit, Measurement, takes a close look at how elasticity is measured, focusing on the coefficient of elasticity.
• The fourth unit, A Continuum, examines the five categories of elasticity, ranging from elastic to inelastic, that form a continuum.
• The fifth unit and final unit, Market Elasticity, closes this lesson by introducing four key elasticity concepts for the market demand and supply.

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TOTAL FIXED COST

Cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It includes cost that is not dependent on, or is unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for crowded shopping malls.Your Complete Scope
 There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
 "My future starts when I wake up every morning . . . Every day I find something creative to do with my life. "-- Miles Davis, musician
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