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RATIONAL ABSTENTION: The decision not to do something because the cost of doing it is more than the expected benefit. While this is a common part of everyday life, it's particularly important for voting. During a given election, a number of potential voters are likely to chose NOT to vote because they expect to get little or no benefit from doing so.
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Lesson 12: Elasticity and Demand | Unit 3: Measurement
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Page: 15 of 25
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From these numbers you can see that: - One, as the price increases from 0 cents per minute to 10 cents per minute, total revenue values increase.
- Two, as the price increases from 10 cents per minute to 20 cents per minute, total revenue values decrease.
- Three, at the price of 10 cents per minute, total revenue is at its maximum value or $500,000.
A few conclusions:- Total revenue increases in the inelastic range of demand when they increase their price.
- Total revenue increases in the elastic range of demand when they decrease their price.
- Total revenue is at the maximum level at the unit elastic point.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive 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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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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MCP
Marginal Cost Pricing
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