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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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ELASTIC SUPPLY The general supply relation in which relatively small changes in price cause relatively large changes in quantity supplied. Small changes in price cause relatively large changes in quantity supplied or the percentage change in quantity supplied is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Elastic supply is one of two general elasticity relations for supply. The other is inelastic supply.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for slow moving vehicles with darkened windows.
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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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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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