
POINT ELASTICITY: The relatively responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.< P>Point elasticity can be calculated in a number of different ways. Sophisticated economists, using sophisticated mathematical techniques (better known as calculus) can calculate point elasticity by taking derivatives of equations. Derivatives is fancy calculus talk for infinitesimally small changes.
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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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GRAY SKITTERY [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 howto book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for slow moving vehicles with darkened windows. Your Complete Scope
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.


"Try not to become a man of success, but rather try to become a man of value. "  Albert Einstein


BIS Bank for International Settlements


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