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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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POINT ELASTICITY The relative 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.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Don't be afraid if things seem difficult in the beginning. That's only the initial impression. The important thing is not to retreat; you have to master yourself." -- Olga Korbut, Gymnast
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DIDMCA
Depository Institutions Deregulation and Monetary Control Act
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