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OPPORTUNITY COST, PRODUCTION POSSIBILITIES: The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 16 of 25

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

The five elasticity alternatives on the demand curve can also be seen on the this total expenditures curve.
  • The perfectly elastic point is at origin with a 0 quantity and 0 total expenditures, corresponding with the intersection of the demand curve and the vertical price axis.

  • The relatively elastic range is the first half of the total expenditures curve between the 0 million minutes and 5 million minutes, corresponding with the "upper" half of the demand curve.

  • The unit elastic point is at the very peak of the total expenditures curve at 5 million minutes, corresponding with the exact midpoint of the demand curve.

  • The relatively inelastic range is the second half of the total expenditures curve between the 5 million minutes and 10 million minutes, corresponding with the "lower" half of the demand curve.

  • The perfectly inelastic point is at with 0 total expenditures and 10 million minutes, corresponding intersection between the demand curve and the horizontal quantity axis.

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AMERICAN ASSOCIATION FOR THE ADVANCEMENT OF SCIENCE

A scientific society whose main mission is to advance science and innovation throughout the world. The American Association for the Advancement of Science (AAAS for short) publishes one of the most respected scientific magazines called Science. The association and magazine have nearly 140,000 individual and institutional subscribers, plus 272 affiliated organizations in more than 130 countries, serving a total of 10 million individuals. The American Association for the Advancement of Science was founded in 1848 to represent all disciplines of science and to support scientific exchange and discussion of science and society issues.

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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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