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ENDPOINT FORMULA: A simple technique for calculating the coefficient of elasticity that estimates the elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. This is much simpler than the midpoint formula, which is based on the percentage change from an average of the initial and ending values. The primary problem with the endpoint formula is that different elasticity values are obtained for price increases than for price decreases of the same segment of the demand curve.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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DTI
Department of Trade and Industry (UK)
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