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MARGINAL COST AND MARGINAL PRODUCT: Because variable cost is largely associated with the cost of employing a variable input in the short run, it's possible to identify a connection between the marginal cost curve and the marginal product curve. In particular, the quantity of output in which marginal cost is at a minimum, is the same quantity of output produced by the variable input when the marginal product of the variable input is at a maximum. In addition, over the range of production in which the variable input experiences increasing marginal returns and marginal product increases, the marginal cost curve declines. And over the range of production in which the variable input experiences decreasing marginal returns brought on by the law of diminishing marginal returns and marginal product increases, the marginal cost curve is rising.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 10 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The two general categories of elasticity -- elastic and inelastic.
    • How elastic means a change in price prompts a relatively larger change in quantity.
    • How elastic means a change in price prompts a relatively smaller change in quantity.
  • How market shocks result in relatively different changes in price and quantity for elastic and inelastic demand and supply.
  • Why elasticity is important when analyzing the impact of taxes on markets.
  • How the two reasons for taxes -- revenue generation and resource allocation -- are achieved for elastic and inelastic goods.
  • Why elasticity is important when analyzing price ceilings and price floors.

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EQUITY

This has two, not totally unrelated, uses in economics--one of five economic goals and ownership of an asset. As an economic goal, one of the two microeconomic goals, achieving equity means that income and wealth are distributed in a fair manner. What is meant by "fair" is subject to continuing debate. As ownership, equity typically refers to the ownership of a corporation, especially corporate stock. An equity market, as such, is another term for a stock market that trades ownership stock of corporations.

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