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INTERCEPT, CONSUMPTION LINE: The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 11 of 25
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Topic:
A Range Of Values
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- A quick and dirty estimation of elasticity for a price increase from 10 cents to 11 cents is - 1.
- An estimate of elasticity using the midpoint formula, however, results in a value of - 1.105.
- This difference makes me wonder what's going on?
- A QUICK ANSWER:
- The price elasticity of demand (ignoring the negative sign) is small for a low price and large quantity, then increases as the price rises and quantity declines.
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AVERAGE REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking 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 slightly overweight pizza delivery guys.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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NBV
Net Book Value
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