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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.
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Lesson 7: Market | Unit 2: The Numbers
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Page: 6 of 22
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This table combines the demand and supply schedules for 8-track tapes. The price of tapes ranges from 10 cents to 90 cents. The quantity demanded ranges from 800 tapes to 0 tapes. The quantity supplied ranges form 0 tapes to 800 tapes. - Law of demand: As the price increases from 10 to 90 cents, the quantity demanded decreases from 800 tapes to 0 tapes.
- Law of supply: As the price increases from 10 to 90 cents, the quantity supplied increases from 0 tapes to 800 tapes
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TOTAL PRODUCT AND AVERAGE PRODUCT A graphical connection between the total product curve and the average product curve stating that the slope of a line between the origin and any point on the total product curve is equal to the average product. Imagine a ray shooting from the origin and hitting the total product curve. As this ray hits each point on the curve, remaining anchored at the origin, the slope of the ray changes, and the slope of this ray is average product.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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SELA
Latin American Economic System
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