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REAL INTEREST RATE: The market, or nominal interest rate, after adjusting for inflation. This is the interest rate lenders receive and borrowers pay expressed in real dollars. There two ways to think about the real interest rate, (1) the historical, after-the-fact, interest rate and (2) the desired interest rate lenders and borrowers have in mind when entering into a loan. The first one tells us the purchasing power of any interest payments received or paid. The second way of looking at the real interest rate is based on expectations of the future.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 7 of 25

Topic: Three Of Five <=PAGE BACK | PAGE NEXT=>

  • A graphical look at three alternatives:

    • Perfectly Elastic: Perfectly elastic demand results when infinitesimally small changes in price lead to infinitely large changes in quantity.

    • Perfectly Inelastic: Perfectly inelastic demand results the quantity demanded does not change regardless of any change in price.

    • Unit Elastic: Unit elastic demand results when the perfect change in quantity is EXACTLY the same as the percentage change in price.

  • The most noted feature of this demand curve is that it is a curve and not a straight line -- the slope changes along the curve.

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AVERAGE REVENUE AND MARGINAL REVENUE

A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.

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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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