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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 14 of 20
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What theory inspired this hypothesis?- The suspicion might be informal, but that doesn't mean it lacks the basics of a theory:
- World View:
- Instructors are 'nice' people, who know and like students in the front of the class better-- and thus award them higher grades.
- General Laws of Nature:
- Less information reaches students seated in the back because of physical laws governing the diffusion of light and sound.
- More motivated students, who study more and earn higher grades, are inclined to sit near the front of the class.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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AEC
Annual Equivalent Costs
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