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ACCUMULATION: The process of acquiring an item and adding that item to others previously acquired. In an economic context this most often refers to the accumulation of capital, as in the phrase "capital accumulation." However, it is also used in the context of consumer durable goods, financial assets, money, wealth, and a host of other "stock" variables. When applied to capital, the process of accumulation occurs through investment.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 6 of 25

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  • Demand responsiveness can be classified into one of two broad categories:

  • Elastic:

  • A good is said to be elastic if quantity is very responsive to the price. To be more specific:

  • Elastic means the percentage change in quantity is greater than the percentage change in price.
  • Inelastic:

  • A good is said to be inelastic if quantity is NOT very responsive to the price. To be more specific:

  • Inelastic means the percentage change in quantity is less than the percentage change in price.

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MARGINAL COST

The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for slightly overweight pizza delivery guys.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

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