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TOTAL PRODUCT AND AVERAGE PRODUCT: A graphical connection between total product curve and average product curve stating that the slope of a line between the origin and any point on the total product curve is equal to the average product. Imagine a ray shooting out of the origin and hitting the total product curve. As this ray hits each point on the curve, remaining anchored at the origin, the slope of the ray changes. And the slope of this ray is average product.

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Lesson 14: Aggregate Supply | Unit 5: Connections Page: 19 of 20

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

Government can use supply-management policies to shift the aggregate supply curves.
  • Supply-management policies have been less popular among politicians because they tend to be slower than demand-management policies.
  • Politicians tend to prefer faster demand-management policies when seeking to replace the slow-moving automatic mechanism.
Supply-management policies:
  • Business deregulation to reduce production cost.
  • Tax policies that stimulate capital investment.
  • Technology and education that increase capital and labor quality.

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LONG RUN, MICROECONOMICS

In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

CBA
Cost Benefit Analysis
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