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BACKSTOP RESOURCE: A sustainable, renewable natural resource that is used in place of, and as a substitute for, finite, exhaustible natural resources that have been exhausted. A sustainable resource is one in which the amount used today cannot reduce the amount available tomorrow.The best example is solar energy. No matter how much solar energy we use today, the same amount reaches the planet every day in the future. A backstop resource is then a sustainable resource, like solar energy, that society uses after finite resources, like fossil fuels, have been exhausted. In fact, solar energy is often considered THE backstop energy resource. It represents THE "safety net" that's available when fossil fuels are depleted.
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PRICE ELASTICITY OF DEMAND The relative response of a change in quantity demanded to a change in price. More specifically the price elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. This notion of elasticity captures the demand side of the market. A comparable elasticity on the supply side is the price elasticity of supply. Other notable demand elasticities are income elasticity of demand and cross elasticity of demand.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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NLREG
Nonlinear Statistical Regression
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