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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 9 of 24
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We can transform the schedule of production possibility numbers into a graph.- Each bundle can be represented by a point in two dimensional production possibilities space.
- The two dimensions of the space are clock calibrators on the horizontal axis and jogging shoes on the vertical axis.
- The horizontal axis is measured between 0 and 11 calibrators.
- The vertical axis is measured between 0 and 500 jogging shoes.
- The two axis are joined at the origin.
- The plotted bundles form a semi-circle pattern.
- If these were stars in the night sky we might name it the arc of production. But it's not, so we won't.
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SHORT-RUN PRODUCTION ALTERNATIVES A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for cardboard boxes.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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EOE
European Options Exchange
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