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FACTOR DEMAND ELASTICITY: The elasticity of a factor demand curve is affected by four things: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items can cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded will become more or less sensitive to changes in the factor price.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who doesn't particular care how something looks as long as it works, as long as it does the job. Family and friends have given up asking you out for lunch because you never pick up the check. Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for rusty deck screws. You should consider shopping at stores or businesses beginning with the letter O, but do not buy any products with a serial number or product code containing the number 891118. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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TOTAL VARIABLE COST CURVE A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. When constructing this curve, it is assumed that total variable cost changes as a result of changes in the quantity of output produced, while other variables like technology and resource prices are held fixed. The total variable cost curve is one of three total cost curves, the other two are total cost curve and total fixed cost curve.
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My Sales Pitch On ADVERTISINGOur extended sojourn through the winding complexities of the economy has worn the soles from my jogging shoes. For the best bargain on a new pair, let's consult those annoying flyers stuffed into the Sunday newspaper. We're in luck. The Mega-Mart Discount Warehouse Super Center is having their monthly "once in a lifetime" sale on jogging shoes. Without this Mega-Mart Discount Warehouse Super Center advertising supplement, I might have unknowingly paid a higher price for my brand new Fleet Feet Footwear jogging shoes. Isn't advertising wonderful?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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Income
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