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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 4 of 25

Topic: Some Definitions <=PAGE BACK | PAGE NEXT=>

  • The working, measurement based definition goes something like this:

  • Elasticity is the percentage change of one variable relative to the percentage change in another variable.
  • When applied to market analysis, specific elasticity definitions work for both demand and supply:

  • The price elasticity of demand is the percentage change in quantity demanded resulting from a percentage change in demand price.
  • The price elasticity of supply is the percentage change in quantity supplied resulting from a percentage change in supply price.

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MARGINAL COST AND LAW OF DIMINISHING MARGINAL RETURNS

Decreasing then increasing marginal cost, reflected by a U-shaped marginal cost curve, is the result of increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of short-run production. This translates into a positively-sloped supply curve for profit-maximizing competitive firms.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"It is not fair to ask of others what you are unwilling to do yourself. "

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