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CONCAVE: A curve that is 'bowed-in' toward the origin, like entering a cave. Technically speaking, the slope of a concave curve decreases from left to right as the X-axis variable increases.
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ELASTICITY DETERMINANTS: Three factors that affect the numerical value of price elasticity of demand and price elasticity of supply calculations, including availability of substitutes, time period of analysis, and proportion of budget. A given good can have a different price elasticity (both demand and supply) if these three 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. Three elasticity determinants are: availability of substitutes, time period, and proportion of budget. See also | elasticity | price elasticity of demand | price elasticity of supply | elastic | inelastic | relatively inelastic | perfectly inelastic | relatively elastic | unit elastic | perfectly elastic | elasticity alternatives, demand | elasticity alternatives | coefficient of elasticity |
Recommended Citation:ELASTICITY DETERMINANTS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 1, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: elasticity determinants
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MARGINAL UTILITY OF INCOME The change in utility resulting from a given change in income. This is a specialized case of the general notion of marginal utility, which is simply the change in utility resulting from a given change in the consumption of a good. Marginal utility of income is key to identifying alternative risk preferences, including risk aversion, risk neutrality, and risk loving. These three risk preferences are indicated by three marginal utility of income possibilities, decreasing (risk aversion), increasing (risk loving), and constant (risk neutrality).
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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for defective microphones.
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