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RECOVERY: A early expansionary phase of the business cycle shortly after a contraction has ended, but before a full-blown expansion begins. During a recovery, the unemployment rate remains relatively high, but it is beginning to fall. Real gross domestic product has begun to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has been reached.
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Lesson 11: Elasticity Basics | Unit 3: Measurement
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Page: 13 of 25
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Topic:
Doing The Numbers: Endpoint
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- Our task is to calculated the price elasticity of demand using the endpoint formula. I am presenting the endpoint formula for reference.
endpoint
elasticity | = | (Q2 - Q1)
Q1 | ÷ | (P2 - P1)
P1 |
- Suppose the values for this formula are P1 = $2.49, Q1 = 5,447 unit of a given good (say Tacos), P2 = $1.99, Q2 = 6,608 units of Tacos
endpoint
elasticity | = | 0.21 ÷ - 0.20 | = | - 1.05 |
- This value - 1.05 indicates that the a one percent decline in the price of Tacos results in a 1.05 percent increase in quantity demanded.
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ECONOMIC RESOURCE A resource with an available quantity less than its desired use. Economic, or scarce, resources are also called factors of production and generally classified as either labor, capital, land, or entrepreneurship. Economic resources are the workers, equipment, raw materials, and organizers that are used to produce economic goods. Like the more general society-wide condition of scarcity, a given resource falls into the economic or scarce category because of it has a limited availability relative to (potentially unlimited) productive uses.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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L/C
Letter of Credit
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