Tuesday  January 31, 2023
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 JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.
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 Lesson Contents Unit 1: The Basics Opportunity Cost Cost Times Two Profit Times Three Unit 1 Summary Unit 2: Three Totals Fixed And Variable A Table Of Totals Total Curves TP And TVC Unit 2 Summary Unit 3: Four More Measures Three Averages A Table Of Averages Average Curves One Marginal A Marginal Table The Marginal Curve Unit 3 Summary Unit 4: Long-Run Cost Doing The Long Run A Choice Of Plants Planning Curve Scale Economies Unit 4 Summary Unit 5: Previewing Supply Production Stages Marginal Cost Unit 5 Summary Course Home
Cost

• The first unit of this lesson, The Basics, begins this our study with a review of the opportunity cost notion and how it relates to business activity.
• In the second unit, Three Totals, we take a look at the three total cost measures, including total cost, total variable cost, and total fixed cost.
• The third unit, Four More Measures, then presents four additional cost measures -- average total cost, average variable cost, average fixed cost, and marginal cost.
• In the fourth unit, Long-Run Cost, we examine how scale economies and diseconomies affect cost in the long run.
• The fifth and final unit, Previewing Supply, then closes this lesson by previewing the importance of cost, especially marginal cost, to the supply decision by a firm.

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The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.

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 In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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