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FALLACY OF DIVISION: The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy that you should check out is the fallacy of composition.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 11 of 25

Topic: A Range Of Values <=PAGE BACK | PAGE NEXT=>

  • 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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FOREIGN TRADE POLICIES

Policies enacted by the government sector of a domestic economy to discourage imports from, and encourage exports to, the foreign sector. The three most common foreign trade policies are tariffs, import quotas, and export subsidies. Tariffs and import quotas are designed to discourage imports and export subsidies are designed to encourage exports. The general goal of these foreign trade policies is to create or increase a country's balance of trade surplus, that is, to increase net exports.

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BLACK DISMALAPOD
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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 package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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