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HARD MONEY: Historically money that is in the form of precious metals, especially gold. In modern times, any national currency that is expected to retain its value (and even appreciate in value), and is readily acceptable for most international transactions. The U.S. dollar, German marc, and Swiss franc tend to be near the top of the list of hard money (also termed hard currency).
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Lesson 15: Cost | Unit 2: Three Totals
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Page: 6 of 24
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Topic:
A Table Of Totals
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- A quick overview of this table.
- First, to keep our discussion simple, the quantity values presented in the table are the number units of a good produced each minute.
- Second, the second column presents total fixed cost (TFC), which is $3.00 per minute.
- Third, the third column presents total variable cost (TVC), which ranges from a low of $0 to a high of $43.00.
- Fourth, the fourth column is total cost (TC), which is the sum of TFC and TVC.
- These three total cost measures lay an important foundation for the study of short-run production.
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PRICE ELASTICITY OF SUPPLY The relative response of a change in quantity supplied to a change in price. More specifically the price elasticity of supply is the percentage change in quantity supplied due to a percentage change in price. This notion of elasticity captures the supply side of the market. A comparable elasticity on the demand side is the price elasticity of demand. Other notable supply elasticities are income elasticity of demand and cross elasticity of demand.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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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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LME
London Metal Exchange
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