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BOYCOTT: An organized effort to reduce the sales of a particular good that's intended to punished the producer or seller. Boycotts are promoted by labor unions to inflict harm on their companies and (hopefully) encourage their employers to settle labor distributes. Special interest groups also use boycotts to achieve assorted political goals. Some groups, for example, have called for boycotts of the products advertised on "undesirable" television shows, while others have boycotted companies that do business in politically "undesirable" countries.
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Lesson 15: Cost | Unit 2: Three Totals
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Page: 9 of 24
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In this unit, you should have learned about:- Total cost as the total opportunity cost incurred by a firm in the production of output.
- The division of total cost between total fixed cost, that does NOT change with quantity, and total variable cost, that does change with quantity.
- Representing the three total cost measures as the total cost curve (TC), total fixed cost curve (TFC), and total variable cost curve (TVC).
- That the TFC curve is a horizontal line while the TVC curve is positively sloped, and that the shape of the TVC curve is influenced in part by the law of diminishing marginal returns.
- The TC curve as the vertical summation of the TFC and TVC curves, meaning that the TC curve has the same shape as the TVC curve.
- How the TVC curve can be derived from the total product curve by measuring of the variable input in terms of cost rather than the quantity.
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MARGINAL UTILITY CURVE A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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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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NLS
National Longitudinal Survey
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