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MARGINAL COST CURVE: A curve that graphically represents the relation between marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables, like technology and resource prices, constant. The marginal cost curve is U-shaped. Marginal cost is relatively high at small quantities of output, then as production increases, declines, reaches a minimum value, then rises. This shape of the marginal cost curve is directly attributable to increasing, then decreasing marginal returns (and the law of diminishing marginal returns).

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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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MONETARY AGGREGATES

Any of three basic measures of money, and related liquid assets, for the economy that are tracked and reported by the Federal Reserve System. They are designated M1, M2, and M3, with higher numbers containing a wider variety of assets. The smallest, M1, is used as THE medium of exchange in the economy. However, M2 provides savings that are easily converted to M1 and is considered by many as the best measure of liquid, spendable assets.

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