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ELASTICITY ALTERNATIVES, SUPPLY: The price elasticity of supply can fall into one of five categories--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--based on the coefficient of elasticity. This table summarizes the five alternatives. These five elasticity alternatives form a continuum ranging from perfectly elastic at one end to perfectly inelastic at the other. The "middle" of this continuum is occupied by unit elastic. in that the "unit" and the two "perfectly" are really borders, boundaries, and endpoints, most of the real world action involving the price elasticity of supply takes place in the two "relatively" alternatives--relatively elastic and relatively inelastic.
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 12 of 25
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M2 is a broader measure of money that includes M1 plus what we can call near money.- We have over four trillion dollars of M2 in total.
- Total M2 averaged over 270 million people is about $15,000 per person.
Near monies: - These are temporary savings, a pool of funds that can be accessed quickly and easily.
- These funds are very liquid, but not perfectly liquid as M1.
- Some people, specially economists, argue that M2 is the best indicator of our total supply of 'money.'
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for broken fingernail clippers.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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WLS
Weighted Least Squares
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