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MARGINAL REVENUE AND MARGINAL COST: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and profit curve. This marginal revenue and marginal cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. The end result is the same. Profit-maximizing production takes place at the quantity generating an equality between marginal revenue and marginal cost.

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Lesson 18: Banking | Unit 4: Regulating Banks Page: 18 of 24

Topic: Why? <=PAGE BACK | PAGE NEXT=>

Banking is a heavily regulated industry.

Reasons:

  • First: Banks have the temptation to go for large profits at the expense of protecting deposits.
  • Second: The economy's health rests with having the 'correct' money supply.

The problems:

  • Banks get carried away seeking profits without having enough deposit-protecting reserves.
  • Customers can't withdraw deposits and lose trust.
  • Banks shut down, remaining bank deposits become worthless, and the money supply shrinks.
  • The economy heads into a recession.

Important points:

  • A failed bank is bad for the economy.
  • Government can control the checking account part of money only by controlling and regulating banks.

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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The greatest things ever done on Earth have been done little by little. "

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