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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.
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INCREASING RETURNS TO SCALE A given proportional change in all resources in the long run results in a proportional greater change in production. Increasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by more than this proportion (that is more than 10 percent). This is one of three returns to scale. The other two are decreasing returns to scale and constant returns to scale.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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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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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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AS-AD
Aggregate Supply-Aggregate Demand Model
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