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PERFECTLY INELASTIC: An elasticity alternative in which changes in price do NOT cause any change in quantity. In other words, quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. Perfectly inelastic should be compared with other elasticity alternatives--perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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ACRS
Accelerated Cost Recovery System
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