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INDEX OF CONSUMER SENTIMENT: A measure of consumer attitudes, preferences, and expectations concerning the state of the economy and business-cycle conditions that is compiled each month by the Survey Research Center at the University of Michigan. The Index of Consumer Sentiment is one of two primary measures of consumer attitudes. The other is the Consumer Confidence Index developed by The Conference Board.

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Lesson 15: Cost | Unit 2: Three Totals Page: 8 of 24

Topic: TP And TVC <=PAGE BACK | PAGE NEXT=>

Notes about the total variable cost curve and the total product curve:
  • First, the total product curve is the relation between a variable input and total product, which is the quantity of output.

  • Second, the total variable cost curve is the relation between the variable cost of production and the quantity of output, which is total product.

  • Third, variable cost are the cost that change with the quantity of output, and the quantity of output changes by changing variable inputs.

  • Fourth, the total product curve is the relation between output quantity and the QUANTITY of variable inputs, whereas the total variable cost curve is the relation between the quantity of output and the COST of variable inputs.

Note that the shape of the TVC curve, is the same as the TP curve.


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INFLATION CAUSES

Inflation, the persistent increase in the average price level, can be caused by an increase in aggregate demand or a decrease in aggregate supply. This suggests two basics sources, causes, or types of inflation--demand-pull inflation and cost-push inflation. While short-term bouts of inflation (up to several months) can result from anything (determinant) that might cause either increases in aggregate demand or decreases in aggregate supply, long-term inflation (a year or more) is possible ONLY through persistent increases in the money supply. As such, while demand-pull inflation and cost-push inflation are convenient ways to catalog the transmission mechanisms of inflation, the ultimate CAUSE of inflation is money.

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