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HETEROGENEOUS: A market characterized by buyers with different needs and wants. A company utilizes a concentrated targeting strategy for this group. This market requires the company to divided the market into groups by a process called market segmentation. The company then develops a different marketing mix to satisfy each of these groups or segments.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 13 of 24
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- How to construct a production possibilities curve using the numbers in a production possibilities schedule.
- How to calculate the slope of a production possibilities curve and how that slope relates to opportunity cost.
- How the law of increasing opportunity cost gives rise to the convex (bowed out) shape of the production possibilities curve.
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AVERAGE FIXED COST Total fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. When compared with price (per unit revenue), average fixed cost (AFC) indicates whether or not a profit-maximizing firm should shutdown production in the short run. Average fixed cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average variable cost. A related concept is marginal cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for celebrities who speak directly to you through your television.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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MRS
Marginal Rate of Substitution
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