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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 14 of 25
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Topic:
Changing Elasticity
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- The price elasticity of demand for a demand curve with a constant slope varies over the entire range of the elasticity continuum:
- The perfectly elastic range, or rather point, is the intersection between the demand curve and the vertical price axis.
- The relatively elastic range is the "upper" half of the demand curve between midpoint and the vertical price axis.
- The unit elastic range, or point, is the exact midpoint that divides the demand curve into two equal segments.
- The relatively elastic range is the "lower" half of the demand curve between midpoint and the horizontal quantity axis.
- The perfectly inelastic range, or point, is intersection between the demand curve and the horizontal quantity axis.
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AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a given time period. Aggregate supply, usually abbreviated AS, is two different relations between price level and real production--long run and short run. With long-run aggregate supply, prices and wages are flexible and all markets are in equilibrium. With short-run aggregate supply some prices and wage are NOT flexible and some markets are NOT in equilibrium. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate demand.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"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. " -- George Lucas
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P/E
Price-Earnings Ratio
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