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U.S. TREASURY BILL: One kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury bill (or T-bill) has a maturity length of one year or less, with 90 days a common maturity. T-bills, together with short-term commercial paper issued by businesses, are traded in money markets. The interest rate on T-bills is one of the key indicators of short-run economic activity.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 12 of 25

Topic: The Coefficient <=PAGE BACK | PAGE NEXT=>

  • The number produced from this measurement is termed the coefficient of elasticity, or when fewer words are needed the elasticity coefficient.

  • The coefficient of elasticity is a numerical measure of the relative response of one variable to changes in another variable.
  • Here's a general formula for calculating the elasticity coefficient.

    elasticity
    coefficient
    =percentage change in quantity
    percentage change in price


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

CES
Constant Elasticity of Substitution
A PEDestrian's Guide
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