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ENDPOINT FORMULA: A simple technique for calculating the coefficient of elasticity that estimates the elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. This is much simpler than the midpoint formula, which is based on the percentage change from an average of the initial and ending values. The primary problem with the endpoint formula is that different elasticity values are obtained for price increases than for price decreases of the same segment of the demand curve.
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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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JFE
Journal of Financial Economics
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