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COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand.
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SLOPE, LONG-RUN AGGREGATE SUPPLY CURVE The long-run aggregate supply (LRAS) curve is a vertical line with an infinite slope, reflecting the independent relation between the price level and aggregate real production. A higher price level is associated with the same real production as a lower price level. This is the real production generated when resources are fully employed, that is, full-employment production.
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YELLOW CHIPPEROON
[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 a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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A half gallon milk jug holds about $50 in pennies.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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BVAR
Bayesian VAR (Vector Autoregression)
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