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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 6 of 24

Topic: Opportunity Cost <=PAGE BACK | PAGE NEXT=>

Tradeoff between the production of jogging shoes and clock calibrators.
  • Resources are limited: Producing more of one good necessarily means producing less of the other.
  • This tradeoff represents the concept of opportunity cost.
  • Opportunity cost tells us how many pairs of jogging shoes are given up to produce each additional quartz clock calibrator.
  • Opportunity cost of first calibrator is 5 pairs of shoes.
  • Opportunity cost of second calibrator is 5 pairs of shoes.

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MONEY

Anything that is generally accepted in exchange as payment for goods and services. The emphasis is on "any" because any item or asset can serve as money so long as it is generally accepted in payment throughout an economy. While the key function of money is to act as a medium of exchange, money also functions as a store of value, standard unit of account, and standard of deferred payment

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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for a thesaurus filled with typos.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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