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RATE OF RETURN: The ratio of the additional annual income or profit generated by an investment to the cost of the investment. Here's a simple example, although the calculations are usually a great deal more involved for actual investments. If the cost of constructing a new factory is $10 million and it gives you an extra $1 million in profit each year, then its rate of return is 10 percent.

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 11 of 22

Topic: Long-Run Equilibrium <=PAGE BACK | PAGE NEXT=>

Long-run equilibrium in the aggregate market can be seen by combining the aggregate demand and supply sides (curves) of the market into a graph.
  • Equilibrium in the long run aggregate market equilibrium is at the intersection of the two curves and at full-employment production.
  • At the long-run equilibrium:
    • The quantity of real production supplied is equal to the quantity of real production demanded.
    • Both sides of the market are satisfied and not inclined to change the price level.

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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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APLS

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The average length of a "business lunch" is about 36 minutes.
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WPO
Weakly Pareto Optimal
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