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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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INFLATION PROBLEMS Two notable problems are associated with inflation--uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner--some people win and some people lose. This redistribution might not be that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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FILO
First In Last Out
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