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BOARD OF GOVERNORS, CHAIRMAN: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.

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Lesson 15: Cost | Unit 3: Four More Measures Page: 13 of 24

Topic: One Marginal <=PAGE BACK | PAGE NEXT=>

  • Marginal cost:

  • Marginal cost is the change in total cost resulting from a change in the quantity of output produced by a firm in the short run.
  • Marginal cost is also defined based on total variable cost.

  • Marginal cost is the change in total variable cost resulting from a change in the quantity of output produced by a firm in the short run.

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AVERAGE VARIABLE COST

Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"Good judgment comes from experience, and often experience comes from bad judgment."

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Q-RATIO
Ratio of Total Market Value of Physical Assets
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