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TIME PERIOD: One of three elasticity determinants (budget proportion and substitute availability are the other two) stating that the elasticity of a good tends to be greater for a longer time period of analysis. In other words, the price elasticity of demand for gasoline is greater when the time period is one year than when it is one month. This elasticity determinant works for both the price elasticity of demand and the price elasticity of supply. In both cases, longer time periods allow consumers and produces more time to adjust to any price changes.
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LONG-RUN TOTAL COST The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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ACBS
Accrediting Commission for Business Schools
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