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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND: A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 1 of 18

Topic: Definition <=PAGE BACK | PAGE NEXT=>

Economics:

A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.

Key points in the study of economics:

  • Social Science: Economics uses the scientific method to explain and study our society.
  • Allocation: Economics studies allocation decisions about distributing resources, goods and services.
  • Scarce Resources: The economy's resources are limited relative to their use.
  • Production: We transform available resources into goods and services. That's production.
  • Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.

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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

CAP
Common Agricultural Policy
A PEDestrian's Guide
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