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TOTAL PRODUCT CURVE: A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input like labor, while we hold one or more other inputs, like capital, fixed. A more general mathematical concept capturing the relation between total product and it's assorted inputs, both variable and fixed, can be found in production function.
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Lesson 4: Production Possibilities | Unit 5: Investment
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Page: 20 of 24
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Topic:
Bundle Choices: A
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Let's consider a few alternatives. If we select bundle A (450 jogging shoes and 0 calibrators), then we are not adding to the quantity of capital. If we are not expanding the quantity of our capital, then our fixed resources remain fixed and the production possibilities curve remains unchanged.- As such, tomorrow's production possibilities curve will look just like today's curve. There will be no growth and no shift in the curve.
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MARGINAL COST CURVE A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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CBOT
Chicago Board of Trade
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