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C: The standard abbreviation for consumption expenditures by the household sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the consumption function, specified as C = a + bY, where Y stands for national income. It is also used for the aggregate expenditure equation, AE = C + I + G + (X - M), where I, G, and (X - M) represent expenditures by the other three macroeconomic sectors, business, government, and foreign.
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Lesson 15: Cost | Unit 3: Four More Measures
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Page: 11 of 24
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Topic:
A Table Of Averages
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This table presents the three total cost measures used to calculated the three corresponding averages.- First, note that the quantity values presented in the table are the number of units produced each minute.
- Second, the second column presents total fixed cost (TFC), which is constant at $3.00.
- Third, the third column presents total variable cost (TVC), which rises from a low of $0 to a high of $43.00.
- Fourth, the fourth column is total cost (TC), which rises from $3.00 to $46.00.
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INFORMATION SEARCH The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The average length of a "business lunch" is about 36 minutes.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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AACCLA
Association of American Chambers of Commerce in Latin America
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