|
|
LONG-RUN AVERAGE COST CURVE: A curve depicting the per unit cost of producing a good or service in the long run when all inputs are variable. The long-run average cost curve (usually abbreviated LRAC) can be derived in two ways. On is to plot long-run average cost, which is, long-run total cost divided by the quantity of output produced. at different output levels. The more common method, however, is as an envelope of an infinite number of short-run average total cost curves. Such an envelope is base on identifying the point on each short-run average total cost curve that provides the lowest possible average cost for each quantity of output. The long-run average cost curve is U-shaped, reflecting economies of scale (or increasing returns to scale) when negatively-sloped and diseconomies of scale (or decreasing returns to scale) when positively sloped. The minimum point (or range) on the LRAC curve is the minimum efficient scale.
Visit the GLOSS*arama
|
|
|
|
|
INVESTMENT, PRODUCTION POSSIBILITIES Investment typically refers to the purchase of productive capital by business in anticipation of increasing production and (presumably) generating more profit. More generally, investment can be considered as sacrificing the current satisfaction of wants and needs (consumption goods) to expand productive capability (capital goods). Production possibilities analysis can be used to illustrate the tradeoff between consumption and capital as a movement along a production possibilities curve.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for deranged pelicans.
Your Complete Scope
This isn't me! What am I?
|
|
|
Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
|
|
|
"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." -- Martin Luther King, Jr.
|
|
CBOT
Chicago Board of Trade
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
