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WPI: The abbreviation for Wholesale Price Index, which is an index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 10 of 22
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In this unit, you should have learned about:- The three measures of that capture the revenue-side of monopolistic competition -- total revenue, average revenue, and marginal revenue.
- How the limited market control in monopolistic competition is indicated by a negatively-sloped, but relatively elastic demand (or average revenue) curve.
- That the marginal revenue curve lies beneath the demand (or average revenue) curve, meaning price is greater than marginal revenue.
- The three measures of that capture the cost-side of monopolistic competition -- total cost, average total cost, and marginal cost.
- That the two U-shaped cost curves -- average total cost and marginal cost -- reflect the law of diminishing marginal returns.
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UNIT ELASTIC An elasticity alternative in which changes in one variable (usually price) cause equal proportional changes in another variable (usually quantity). In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Quantity changes match price changes. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Unit elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for attractive cable television service repair people.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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