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IDB: (Islamic Development Bank) A multilateral development financing institution, established to foster social and economic development of it's member countries and Muslim communities world-wide. The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. The present membership of the Bank consists of 54 countries.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 3 of 25
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Topic:
Quantity Changes
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- While the elasticity concept can be applied to several different areas, when applied to the market, elasticity captures the relation between price and quantity.
- The force activating the change is price and the variable that's being stretched is quantity.
- The importance of elasticity for market analysis comes into play in the following way:
- First, market shocks triggered by determinant-induced shifts of the demand and supply curves create shortages and surpluses.
- Second, governments are fond of placing taxes or price controls on markets.
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AVERAGE COST The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for fairy dust that tastes like salt.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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NBV
Net Book Value
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