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POINT ELASTICITY: The relatively responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.< P>Point elasticity can be calculated in a number of different ways. Sophisticated economists, using sophisticated mathematical techniques (better known as calculus) can calculate point elasticity by taking derivatives of equations. Derivatives is fancy calculus talk for infinitesimally small changes.
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DEMAND DECREASE AND SUPPLY INCREASE A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an indeterminant change in equilibrium quantity and a decrease in equilibrium price.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Do not let what you cannot do interfere with what you can do. " -- John Wooden, basketball coach
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FAMS
Forecasting and Modeling System
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