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TARIFF: A tax that's usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 15 of 25
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Topic:
Factor Cost Times Three
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- A set of useful concepts in the analysis of factor markets:
- Total factor cost is the opportunity cost incurred when using a given factor of production to produce a good or service.
- Total factor cost is used as the starting point for calculating the other two related measures:
- Average factor cost is the total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input.
- The third factor cost concept is marginal factor cost.
- Marginal factor cost is the change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input.
- Marginal factor cost indicates how a firm's total factor cost is affected by hiring one more or one fewer factor.
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AVERAGE REVENUE The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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COD
Cash on Delivery
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