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INSIDE LAG: In the context of economic policies, the time between a shock to the economy and corrective government action responding to the shock. This is one of two primary lags in the use of economic policies. The other is outside lag, the time between the government action and the affect on the economy. The inside lag can be divided into the recognition lag and the implementation lag. The recognition lag is identifying the shock or need for action and the implementation is determining the appropriate policy response. Monetary policy tends to have a shorter outside lag than fiscal policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stabilize business cycles.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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The average bank teller loses about $250 every year.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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CES
Constant Elasticity of Substitution
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