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UNIT ELASTIC: An elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Unit elastic should be compared with other elasticity alternatives--perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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BJE
Bell Journal of Economics
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