Google
Sunday 
August 14, 2022 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
LOGROLLING: A systematic exchange of votes by politicians to obtain approval of specific legislation. That is, Senator Grapht agrees to vote for Senator Brybe's pet project if Senator Brybe votes for Senator Grapht's favorite piece of legislation. Such logrolling can be explicit or implicit. The explicit kind involves two separate bills, in which each politician is forced to "go on record" with a vote. The implicit kind, which many politicians favor, is where several separate programs are wrapped into a single bill. Every politician can then tell the folks back home that they really only wanted the "one thing" that helped their constituencies the most, but had to vote for "other things" as well. Logrolling is big reason our government is big and prone to inefficiency.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 4 of 28

Topic: Profit Maximization <=PAGE BACK | PAGE NEXT=>

  • Whether firms are big or little, a large part of their market or a small part, they are generally motivated by the pursuit of profit maximization.

  • Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services.
  • Like any firm, a perfectly competitive firm makes decisions that generate the greatest difference between total revenue and total cost.


Course Home | Lesson Menu | Page Back | Page Next

ELASTICITY DETERMINANTS

Three factors that affect the numerical value of the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demand and/or supply for a good can change if these determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand.

Complete Entry | Visit the WEB*pedia


APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope

This isn't me! What am I?

The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

FOB
Free on Board
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2022 AmosWEB*LLC
Send comments or questions to: WebMaster