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 MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."
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 Lesson 12: Elasticity and Demand | Unit 4: Determinants Page: 18 of 25

 Topic: Substitute Availability <=PAGE BACK | PAGE NEXT=>

• Elasticity, especially the price elasticity of demand, is affected by three determinants:

• Elasticity determinants are three ceteris paribus factors -- include substitute availability, time period, and budget proportion -- that are held constant when calculating elasticity and that result in a different value of the coefficient of elasticity when they change.
• The most important elasticity determinant is substitute availability.

• Substitute availability makes it possible to switch from one good to another in response to price changes.

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AVERAGE COST

The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.

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 The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
 "Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. "-- Albert Schweitzer, missionary physician
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