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LRMC: The abbreviation for long-run marginal cost, which is the change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 8 of 26

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

Contractions don't last forever. The end of a contraction is the trough, the turning point to an expansion.
  • Point B is the end of the contraction and the beginning of the expansion, the trough.
  • A trough is the turning point between a contraction and an expansion.
  • A trough is the lowest level reached by the economy before an expansion begins, the dark before the dawn.
  • Turning points are important because they are the transition from bad to good of good to bad.
  • A turning point might not be identified until well after it has happened.

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AVERAGE PHYSICAL PRODUCT

The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average product, which more often goes by the shorter name average product (AP), is one of two measures derived from total physical product. The other is marginal physical product.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for deranged pelicans.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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