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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.
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Lesson 11: Elasticity Basics | Unit 3: Measurement
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Page: 15 of 25
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In this unit, you should have learned about:- The two types of elasticity measurements -- arc elasticity for discrete changes and point elasticity for infinitesimally small changes.
- The coefficient of elasticity used to quantify the elasticity concept.
- The endpoint formula for calculating the coefficient of elasticity.
- The midpoint formula for calculating the coefficient of elasticity.
- How the coefficient of elasticity differs using the endpoint and midpoint formulas.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. " -- Dale Carnegie
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IARA
Increasing Absolute Risk Aversion
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