Tuesday  April 16, 2024
 AmosWEB means Economics with a Touch of Whimsy!
 OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.
 Most Viewed (Number) production stages (143)limited resources (56)production inputs (49)marginal physical product (46)loss minimization rule (43) Visit the WEB*pedia

 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 21 of 25

 Topic: Unit Elastic <=PAGE BACK | PAGE NEXT=>

• Let's end this unit with what lies in the middle of the elasticity continuum lies unit elastic.

• Unit elastic is an elasticity alternative in which any percentage change in one variable (price) causes an equal percentage change in another variable (quantity).
• This applies to both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

| | |

ELASTICITY ALTERNATIVES, SUPPLY

Five categories of the price elasticity of supply that reflect the entire range of the relative responsiveness of a change in quantity supplied to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different supply curves. The price elasticity of demand is also reflected by five comparable alternatives.

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for letters from the Internal Revenue Service.Your Complete Scope
 Woodrow Wilson's portrait adorned the \$100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
 "Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."-- William A. Ward
 JETJournal of Economic Theory
 Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

| | | | | | | | | | |
| | | |

Thanks for visiting AmosWEB