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ACCOUNTING PROFIT: The difference between a business's revenue and it's accounting expenses. This is the profit that's listed on a company's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. It frequently has little relationship to a company's economic profit because of the difference between accounting expense and the opportunity cost of production. Some accounting expense is not an opportunity cost and some opportunity cost is does not show up as an accounting expenses.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 13 of 25

Topic: Slope And Elasticity <=PAGE BACK | PAGE NEXT=>

  • At first glance, it would seem that a demand curve with constant slope would also have constant elasticity. But this is apparently NOT the case. Why?

    • First and foremost, slope measures the change of price relative to a change in quantity.

    • Second, but also important, slope is measured in specific units (cents per minute), whereas elasticity is measured as percentage changes, with no specific units.

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AGGREGATE DEMAND DETERMINANTS

An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Believe and act as if it were impossible to fail."

-- Charles F. Kettering

WLLN
Weak Law of Large Numbers
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