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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.

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Lesson 7: Market | Unit 4: Adjustment Page: 15 of 22

Topic: Surplus <=PAGE BACK | PAGE NEXT=>

A surplus exists if the quantity demanded is less than the quantity supplied at the current market price.
  • A surplus exists if the market price is 70 cents.
  • The quantity demanded is 200 tapes and the quantity supplied is 600 tapes, giving a surplus of 400 tapes.
  • This surplus induces the price to decline down to the equilibrium level of 50 cents

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ENDPOINT ELASTICITY FORMULA

A simple technique for calculating the coefficient of elasticity by estimating the elasticity for discrete changes in two variables using the initial values of each. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. An alternative technique is the midpoint elasticity formula.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

MAR
Minimum Acceptable Revenue
A PEDestrian's Guide
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