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ACCESSIBILITY: The location of economic activity (especially in terms of land) relative to other activities. As real estate agents are prone to say, "The three most important factors in real estate are 'location, location, location.'" Accessibility determines how easy or difficult (read this as costly) it is to allocate good, services, and resources. Transportation is a key factor in accessibility. Efficient, low cost transportation systems improve accessibility.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 14 of 25

Topic: Doing The Numbers: Midpoint <=PAGE BACK | PAGE NEXT=>

  • Our task is to calculate the price elasticity of demand using the midpoint formula.

    midpoint
    elasticity
    =(Q2 - Q1)
    (Q2 + Q1)/2
    ÷(P2 - P1)
    (P2 + P1)/2

  • The values for this formula are P1 = $2.49, Q1 = 5,447 tacos, P2 = $1.99, Q2 = 6,608 tacos.
    midpoint
    elasticity
    =0.19 ÷ - 0.22=- 0.86

  • This value - 0.86 indicates that the a one percent decline in the price of Tacos results in a 0.86 percent increase in quantity demanded.

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INVESTMENT EXPENDITURES DETERMINANTS

Ceteris paribus factors, other than aggregate income or production, that are held constant when the investment line is constructed and which cause the investment line to shift when they change. Some of the more important investment expenditures determinants are interest rates, expectations, wealth, capital prices, and technology.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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