|
|
ENDOGENOUS VARIABLE: A variable that is identified within the workings of the model. Also termed a dependent variable, an endogenous variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 11: Elasticity Basics | Unit 4: A Continuum
|
Page: 18 of 25
|
|
Topic:
Relative Elastic
|
|
|
- A large section of the elasticity continuum is comprise of relatively elastic:
Relatively elastic is an elasticity alternative in which relatively small changes in one variable (price) cause relatively large changes in another variable (quantity).
- Once again, this range holds for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
- Relatively elastic demand and supply are represented by relatively flat, but not perfectly horizontal, demand and supply curves.
|
|
|
|
|
|
|
ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for celebrities who speak directly to you through your television.
Your Complete Scope
This isn't me! What am I?
|
|
|
The average bank teller loses about $250 every year.
|
|
|
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
|
|
AOQL
Average Outgoing Quality Limit
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
