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IADB: (Inter-American Development Bank) A regional multilateral development institution established 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank provides loans and technical assistance using capital provided by its member countries, as well as resources obtained in world capital markets through bond issues. The Bank is owned by its 46 member countries: 26 borrowing member countries in Latin America and the Caribbean, and 20 nonborrowing countries, including the United States, Japan, Canada, 16 European countries, and Israel. The Inter-American Development Bank has its headquarters in Washington, DC.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 7 of 25
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Topic:
Why Study: Market Shocks
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- How much price and quantity changes, however, depends on elasticity.
- Demand Changes, Elastic Supply: With elastic supply any change in demand results in relatively large changes in quantity, but relatively small changes in price.
- Demand Changes, Inelastic Supply: With inelastic supply any change in demand results in relatively small changes in quantity, but relatively large changes in price.
- Supply Changes, Elastic Demand: With elastic demand any change in supply results in relatively large changes in quantity, but relatively small changes in price.
- Supply Changes, Inelastic Demand: With inelastic demand any change in supply results in relatively small changes in quantity, but relatively large changes in price.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for malfunctioning pocket calculators.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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IADB
Inter-American Development Bank
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