Monday  January 21, 2019
 AmosWEB means Economics with a Touch of Whimsy!
 TOTAL COST CURVES: The total cost of producing a good can be represented by three related curves, total cost curve, total variable cost curve, and total fixed cost curve. The total cost curve is the vertical summation of the total variable cost curve and the total fixed cost curve.
 Most Viewed (Number) Visit the WEB*pedia

 Lesson 6: Supply | Unit 3: Supply Curve Page: 8 of 19

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

This table is a supply schedule presenting the relationship between supply price and quantity supplied.

Our relationship is between the supply price in the middle column and the quantity of stuffed animals supplied in the right-hand column.

Assumptions:

• Ceteris paribus factors do not change.
• Quantities are supplied for a specific time period, such as one year.
Some observations about the supply schedule:
• First, higher prices go with larger quantities supplied-the law of supply.
• Second, the prices are minimum values for the given quantities.
• Third, supply is the whole set of price/quantity pair numbers. Quantity supplied is any single number at the specified price.
• Fourth, these numbers are hypothetical, presenting a 'what if' relationship.

| | |

OPPORTUNITY COST

The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for mail order catalogs with hidden messages.Your Complete Scope
 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 more you praise and celebrate your life, the more there is in life to celebrate."-- Oprah Winfrey