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FEDERAL HOME LOAN BANK: This was originally the federal government entity responsible for chartering and regulating savings and loan associations. However, it has evolved into a group of 12 privately owned, government regulated banks that promote community develop and home ownership by providing funds to lending agencies (that is, banks) that are used for home mortgage loans.

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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 24 of 25

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

  • Elasticity determinants affect the coefficient of elasticity.

  • Availability of Substitutes:
    • The elasticities of demand and supply are relatively greater for goods that have a large number of relatively close substitutes-in-consumption or substitutes-in-production.

  • Time Period:
    • The elasticities of demand and supply are relatively greater for goods over a longer period than a shorter period.

  • Proportion of Budget:
    • The elasticity of demand is greater for goods that take up a smaller proportion of a buyer's budget.

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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for crowded shopping malls.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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