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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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LTFV
Less Than Fair Value
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