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MARGINAL COST AND DIMINISHING MARGINAL RETURNS: Decreasing then increasing marginal cost that gives rise to a U-shaped marginal cost curve reflects increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of production in the short run.
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COEFFICIENT OF ELASTICITY A numerical measure of the relative response of one variable to changes in another variable. The coefficient of elasticity is used to quantify the concept of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross elasticity of demand. The coefficient can be calculated using the simple endpoint or midpoint formulas or with more sophisticated calculus and logarithmic techniques.
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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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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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IBEX-35
Stock Index (Spain)
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