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TOTAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 20 of 28
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- Conditions to maximize profit by adjustment plant size in the long run:
- Long-Run Profit Maximization: First, the firm maximizes its profit in the long run by equating marginal revenue (MR) and long-run marginal cost (LRMC).
- Short-Run Profit Maximization: Second, the firm maximizes its profit in the short run by equating marginal revenue (MR) and short-run marginal cost (SRMC).
- Marginal Cost Equality: Third, combining the first two conditions, means that the firm has equality between short-run marginal cost (SRMC) and long-run marginal cost (LRMC).
- Efficient Plant Size: Fourth, the firm has also selected the most efficient plant size for short-run production given its long-run scale of operations. In other words, his short-run average total cost (SRATC) and long-run average cost (LRAC) are also equal.
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UNEMPLOYMENT PROBLEMS The two key problems resulting from unemployment of resources, especially the unemployment of labor, are personal hardships and lost production. The owners of the unemployed resources suffer personal hardships due to the lack of income. The rest of society also suffers from unemployment due to the lack of available production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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WLLN
Weak Law of Large Numbers
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