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AGGREGATE OUTPUT: The macroeconomy's total production of final goods and services. You might recognized it by it's official term gross domestic product. Another related term is aggregate supply. This is the total production in the economy that is purchased by the four basic economic sectors -- household, business, government, and foreign. See also aggregate market, aggregate demand, aggregate expenditures.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 6 of 25

Topic: Five Alternatives <=PAGE BACK | PAGE NEXT=>

  • A precise categorization separates elasticity into five alternatives along a continuum:

  • Perfectly inelastic demand results if the elasticity coefficient is 0.

  • In the range greater than 0 and less 1, demand is relatively inelastic.

  • If the coefficient is exactly equal to 1, demand is unit elastic.

  • Demand occupies the relatively elastic range of the continuum with an elasticity coefficient greater than 1 and less than infinity.

  • At the far extreme, perfectly elastic demand results if the elasticity coefficient is infinity.

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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT

A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.

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