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 C: The standard abbreviation for consumption expenditures by the household sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the consumption function, specified as C = a + bY, where Y stands for national income. It is also used for the aggregate expenditure equation, AE = C + I + G + (X - M), where I, G, and (X - M) represent expenditures by the other three macroeconomic sectors, business, government, and foreign.
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 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 16 of 25

 Topic: Elasticity Alternatives <=PAGE BACK | PAGE NEXT=>

• The two general categories of elasticity are elastic and inelastic.

• While elasticity can be lumped into these two broad categories, it is best viewed as a continuum.

• This elasticity continuum is divided into five alternatives:

• Perfectly Elastic.
• Relatively Elastic.
• Unit Elastic.
• Relatively Inelastic.
• Perfectly Inelastic.

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MARGINAL REVENUE

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a firm equates marginal revenue and marginal cost.

 YELLOW CHIPPEROON[What's This?] Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for mail order catalogs with hidden messages.Your Complete Scope
 The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
 "If we all did the things we are capable of doing, we would literally astound ourselves."-- Thomas Edison
 JHRJournal of Human Resources
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