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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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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for attractive cable television service repair people.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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FRB
Federal Reserve Board
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