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Economics Lecture Eight (view source)

Revision as of 20:14, October 28, 2009

12 bytes added , 20:14, October 28, 2009

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*'''inelastic demand'''

*'''price elasticity of demand''' (percent change in quantity demanded divided by percent change in price, dropping the negative sign)

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*'''price controls (ceilings and floors)'''

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*'''price controls (price ceilings and price floors)'''

*'''marginal cost''' (MC = change in total cost (TC) due to producing one more unit of output Q)

*'''total fixed costs''' (TFC) do not change as more is produced, thus MC = change in TVC due to one more output Q)

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