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RENT: Factor payments to the owners of land for using the various resources of land in the production of goods and services. Rent is included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title rental income of person. Rent is typically the smallest of the four factor payments, accounting for less than 5% of the income earned by the household sector.

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Lesson 18: Monopoly | Unit 3: Output Page: 18 of 30

Topic: Total Curves <=PAGE BACK | PAGE NEXT=>

  • Examining the profit-maximizing production level using the total revenue and total cost curves:

    • Total Revenue: The first curve to note is the total revenue curve, labeled TR.

    • Total Cost: The second curve in the graph is the total cost curve, labeled TC.

  • Profit is the difference between total revenue and total cost, which is visually seen as the vertical distance between the two curves.

  • Notice that the total revenue and total cost curves intersect at two quantities -- between 2 and 3 units and between 8 and 9 units.

  • Both quantities are termed breakeven output.

  • Breakeven output is the quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but receives no economic profit nor incurs an economic loss.

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AVERAGE FACTOR COST, PERFECT COMPETITION

Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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