Basic Economics

Here are the three main points that I will be going for in the debate. The first point I will be using is the cost. You should tell why life imprisonment trials are cheaper than capital punishment trialsThe second point should be how capital punsihment is a deterrent from crimes that would cause one to be sentenced to death, The third point is how people who are found guilty of a crime are in fact guilty of that crime and they are not innocent.Now below are the notes from you macroeconomics class.   * Elasticity   * Defining and measuring eslasticity   * The meaning and importance of elasticity.   * Price elasticity of demand equals the ratio of the percent change in the quantity demanded to the percent charge. (Change X and see how it affects Y.)
  * Price elasticity of demand equals percent change in quantity over percent change in price.   * Inelastic has a value of less than one. A change in price has ltttle effect in quantity demanded.   * Elastic - a small change in price results in large change in quantity demanded.     * Unit elastic- the change in price equals a similar change in quantity demanded.   * Total revenue is price times quantity/   * Price effect- each unit sells at a higher price which raises revenue.   * Quantity effect- after a price increase fewer units are sold which lowers revenue.   * Elastic raise price decrease total revenue lower price increase total revenue.   * What determines elasticity:Are substitutes available, Is it a good or a necessity, share of income spent on the good or time spent.Small percent is inelastic and large percent is elastic. |

Decision Making
  * Explicit cost is a cost that involves actual laying out of money.
  * Implicit cost idoes not involve laying out of money; it is measured by the value in dollar terms. The benefits are foregone, for example' what would you do with the money spent?
  * Accounting profit is revenue minus explicit costs.
Economic profit is revenue minus opportunity...