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December 15, 2018 

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HEDGING: Buying or selling futures contracts to protect against price changes. This is a common form of "insurance" used by those who produce various commodities, such as wheat, cattle, coffee, and natural gas, as well as those who buy these commodities as inputs.

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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.

     See also | average total cost | average variable cost | marginal cost | average fixed cost | average total cost curve | average variable cost curve | marginal cost curve | average fixed cost curve | short-run production | stages of production | increasing marginal returns | decreasing marginal returns | law of diminishing marginal returns | total cost | total variable cost | total fixed cost |


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U-SHAPED COST CURVES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 15, 2018].


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INTEREST-RATE EFFECT

A change in aggregate expenditures on real production, especially those made by the household and business sectors, that results because a change in the price level alters the interest rate which then affects the cost of borrowing. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and net-export effect.

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