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 SEVERANCE TAX: A tax on the value of raw materials, such as minerals and fossil fuels, when they are extracted from the environment. This is one of those hidden, unpublicized taxes on producers that is ultimately passed along consumers.
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 Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 2 of 25

 Topic: Responsiveness <=PAGE BACK | PAGE NEXT=>

• The elasticity definition goes something like this...

• Elasticity is the relative response of one variable to changes in another variable.
• The phrase "relative response" is best interpreted as "percentage change."

• In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.

• The two most important variables that we are concerned with are price and quantity.

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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

 ORANGE REBELOON[What's This?] Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.Your Complete Scope
 Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
 "Success doesn't come to you . . . you go to it "-- Marva Collins, Educator