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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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AVERAGE FIXED COST: Fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and average total cost. Average fixed cost, usually abbreviated AFC, decreases with larger quantities of output. The logic behind this relationship is relatively simply. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.

     See also | fixed cost | total fixed cost | average variable cost | average total cost | marginal cost | fixed input | total cost |


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AVERAGE FIXED COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: November 28, 2020].


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CHANGE IN QUANTITY SUPPLIED

A movement along a given supply curve caused by a change in supply price. The only factor that can cause a change in quantity supplied is price. A related, but distinct, concept is a change in supply.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

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