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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).
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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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PRICE An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for fairy dust that tastes like salt.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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GMM
Generalized Method of Moments
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