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INCREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. Compare this with decreasing marginal returns. You should also compare this with economies of scale associated with long-run production.
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AVERAGE TOTAL COST Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for slightly overweight pizza delivery guys.
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The average bank teller loses about $250 every year.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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AACP
American Assocation of Commercial Publications
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