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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 11 of 25

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Economic production that involves market transactions is the foundation of GDP. This is area E. It is combined with area B to measure GDP.

A summary of measuring GDP:

  • Start with all market transactions of record.
  • Toss out past and future production in Slice A.
  • Add the estimated value of nonmarket 'in-kind' production in Slice B.
  • Don't include the value of nonmarket production in chunk C and the value of illegal production in chunk D.
  • Combine areas B and E for the final tabulation of GDP.

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MARGINAL COST

The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.

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APLS

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for cardboard boxes.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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