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FACTOR MARKET ANALYSIS: An analysis of the structure and equilibrium determination of markets that exchange the services of productive resources. This analysis highlights principles and concepts that tend to be most commonly associated with factor markets (also termed resource markets), including monopsony and bilateral monopoly. Marginal revenue product is a key concept on the demand side of the factor market. Marginal factor cost is a key concept on the supply side of the factor market.
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Lesson 11: Elasticity Basics | Unit 3: Measurement
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Page: 12 of 25
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- 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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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for pencil sharpeners with an attitude.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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PUT
Put Option
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