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LIMIT PRICING: The strategic behavior process in which a firm with market control sets its price and output so that there is not enough demand left for another firm to enter the market and earn profits. The firm expands its output causing the price to fall, which discourages potential entrants to this market. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control.

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Lesson 14: Production | Unit 2: Production Measures Page: 7 of 25

Topic: Average Product <=PAGE BACK | PAGE NEXT=>

  • A definition of average product:

  • Average product is the quantity of total output produced by a firm per unit of a variable input.
  • Average product is simple the average amount of output produced per worker.

  • Here's a formula for calculating average product from total product:

    average product (AP)=total product
    variable input


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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for gnomes hiding in cypress trees.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. "

-- Tyron Edwards, theologian

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Bureau of Agricultural Economics
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