Steven D'Aprano <steve+pyt...@pearwood.info> added the comment:

I hear what you are saying, but "ulp" is the standard term of art. Sure 
it is non-obvious until you learn it, just like other technical terms 
like "mro", "abc" or "ast".

Mathematics and numeric programming are rife with short names that are 
non-obvious and often ambiguous with "ordinary" words, e.g.

    sin, tan, log, nan

to mention just a few. "ulp" is a technical, and subtle, concept to 
grasp, and no easier to understand when spelled out as "unit in last 
place".

At least ulp is a TLA from English, unlike (say) "sine" which ultimately 
derives from the Sanscrit word "jya" (chord), via Arabic and Latin. If 
you've ever wondered if the trigonometric sin() function is related to 
the sinus cavities in your nose, yes it is :-)

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<https://bugs.python.org/issue39310>
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