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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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INELASTIC The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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NEDO
National Economic Development Office
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