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DISEQUILIBRIUM PRICE: Any price that fails to balance the market forces of forces of demand and supply and equate the quantity demanded and quantity supplied. In other words, any market price other than the equilibrium price. A disequilibrium price can be either too high (above the equilibrium price) or too low (below the equilibrium price). A price above the equilibrium price creates a surplus in which the quantity supplied is greater than the quantity demanded. A price below the equilibrium price creates a shortage in which the quantity demanded is greater than the quantity supplied.
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UNIT ELASTIC An elasticity alternative in which changes in one variable (usually price) cause equal proportional changes in another variable (usually quantity). In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Quantity changes match price changes. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Unit elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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PURPLE SMARPHIN
[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 box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. " -- Anna Freud, psychologist
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ATC
Average Total Cost
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