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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 14 of 20

Topic: Quantity of Resources <=PAGE BACK | PAGE NEXT=>

A change in the quantity of labor, capital, land, or entrepreneurship will alter full employment real production and shift the long-run aggregate supply curve.
  • Changes in resource quantities tend to be steady and predictable.
  • Labor can change for three reasons:
    • Natural growth of population.
    • Migration.
    • The labor force participation rate.
  • Capital changes from depreciation of capital and investment in capital.
  • Land changes from exploration and discovery of natural resources.
  • Entrepreneurship, while difficult to measure, increases when more people assume the risk of production.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for cardboard boxes.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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