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SCAB: Someone who starts working or continues to work for a firm while a labor union is engaged in a strike of the firm. Scab is common term used by union members for the more polite name strikebreaker. Striking union members are more inclined to use even more derogatory terms. Such workers are used by employers to force union members to stop their strike and return to work. While strikers don't like it, labor laws guarantee that nonstriking workers can cross the picket line and go to work.

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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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    PRICE ELASTICITY OF SUPPLY

    The relative response of a change in quantity supplied to a change in price. More specifically the price elasticity of supply is the percentage change in quantity supplied due to a percentage change in price. This notion of elasticity captures the supply side of the market. A comparable elasticity on the demand side is the price elasticity of demand. Other notable supply elasticities are income elasticity of demand and cross elasticity of demand.

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    APLS

    ORANGE REBELOON
    [What's This?]

    Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for rusty deck screws.
    Your Complete Scope

    This isn't me! What am I?

    More money is spent on gardening than on any other hobby.
    "Plans are only good intentions unless they immediately degenerate into hard work."

    -- Peter Drucker, management consultant

    AVC
    Average Variable Cost
    A PEDestrian's Guide
    Xtra Credit
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