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PLANNING CURVE: Another term for the long-run average cost curve (LRAC). Using the name planning curve indicates that the long-run average cost curve is used to "making plans" especially concerning the desired scale of operations of a firm. That is, in the long run a firm will seek the plant size that maximizes long-run profit by equating long-run marginal cost and marginal revenue. It will then pick out the appropriate plant size off the long-run average cost with the minimum short-run average total cost.
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ELASTICITY ALTERNATIVES, SUPPLY Five categories of the price elasticity of supply that reflect the entire range of the relative responsiveness of a change in quantity supplied to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different supply curves. The price elasticity of demand is also reflected by five comparable alternatives.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for high interest rates.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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