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 COMPLEMENT-IN-PRODUCTION: One of two goods that are produced jointly using the same resource -- that is, the production of one good automatically triggers the production of the other. The terms "joint products" or "by-products" are two terms commonly used for complements-in-production. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement-in-production causes a increase in supply of the other. Complements-in-production are goods produced jointly from the same resource or input. This typically happens when the resource in question has parts that can be separated into different products. One example is the production of two goods -- beef and leather -- from one resource -- cattle. Another complement in production example is lumber and sawdust, both produced from a single tree.
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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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CONGRESSIONAL BUDGET OFFICE

A nonpartisan governmental support agency that provides Congress with analyses needed for economic and budget decisions and with the information and estimates required for the Congressional budget process. The Congressional Budget Office was created by the Congressional Budget and Impoundment Control Act of 1974. It began operating on February 24, 1975. The Congressional Budget Office is composed primarily of economists and public policy analysts. About 70 percent of its professional staff hold advanced degrees in either economics or public policy.

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for slow moving vehicles with darkened windows.Your Complete Scope
 Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
 "Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself."-- William Faulkner, writer
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