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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.
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Lesson 11: Elasticity Basics | Unit 3: Measurement
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Page: 11 of 25
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- Two general types of elasticity measurements:
- Arc elasticity is an average measure of elasticity for discrete changes in two variables.
- Point elasticity is a measure of elasticity for infinitesimally small changes in two variables.
- The use of more sophisticated mathematics is helpful when calculated point elasticity.
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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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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 seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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More money is spent on gardening than on any other hobby.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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ARMA
Autoregressive Moving Average
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