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REGRESSIVE TAX: A tax in which people with more income pay a smaller percentage in taxes. A regressive tax is given by this example--You earn $10,000 a year and your boss gets $20,000. You pay $2,000 in taxes (20 percent) while your boss also pays $2,000 in taxes (10 percent). Examples of regressive taxes abound (is this surprising given the political clout of the wealthy?), including sales tax, excise tax, and Social Security tax.

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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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    ABSTRACTION

    Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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