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VARIABLE INPUT: An input whose quantity can be changed in the time period under consideration. This should be immediately compared and contrasted with fixed input. The most common example of a variable input is labor. A variable input provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive. This is, by the way, the law of diminishing marginal returns.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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LPG
Liquid Petroleum Gas
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