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DEATH RATE: The number of people dying per 1,000 population. The death rate is compared with the birth rate to indicate the natural population growth of a country. (Net migration is also needed in the calculation of the final, overall, actual growth of population.) The death rate most frequently comes up in economic development discussions of less developed countries and their progress (or lack thereof) through the demographic transition.

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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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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT

A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for jovial bank tellers.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"It has been my philosophy of life that difficulties vanish when faced boldly. "

-- Isaac Asimov

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Journal of Law, Economics and Organization
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