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TOTAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 14 of 25

Topic: Doing The Numbers: Midpoint <=PAGE BACK | PAGE NEXT=>

  • Our task is to calculate the price elasticity of demand using the midpoint formula.

    midpoint
    elasticity
    =(Q2 - Q1)
    (Q2 + Q1)/2
    ÷(P2 - P1)
    (P2 + P1)/2

  • The values for this formula are P1 = $2.49, Q1 = 5,447 tacos, P2 = $1.99, Q2 = 6,608 tacos.
    midpoint
    elasticity
    =0.19 ÷ - 0.22=- 0.86

  • This value - 0.86 indicates that the a one percent decline in the price of Tacos results in a 0.86 percent increase in quantity demanded.

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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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