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BANK OF THE UNITED STATES: This was actually two central banks that preceded the Federal Reserve System as the nation's monetary authority. The First Bank of the United States, under the design of Alexander Hamilton, commenced operations in 1791, almost immediately after the U.S. Constitution was written and George Washington became the first U.S. President. Its charter was not renewed and it ceased to operate in 1811. Financial instability resulting from the absence of a central bank over the next few years prompted the formation of the Second Bank of the United States in 1816. The Second Bank's performance, however, was somewhat more suspect. When it knocked heads with President Andrew Jackson, a strong critic of central banking, the Second Bank ceased to be in 1836.

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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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RISK LOVING

A preference for risk in which a person prefers risky income over guaranteed or certain income. Risk loving arises due to increasing marginal utility of income. A risk loving person prefers to undertake risk and is even willing to pay to do so. This is one of three risk preferences. The other two are risk neutrality and risk aversion.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for high interest rates.
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Two and a half gallons of oil are needed to produce one automobile tire.
"It has been my philosophy of life that difficulties vanish when faced boldly. "

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DCF
Discounted Cash Flow
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