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July 20, 2018 

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L: This has two common uses. One is as the standard abbreviation for the quantity of labor, especially for the analysis of production. The complementary representations for other inputs are "K" for capital and "N" for population. The second is as the broadest monetary aggregate for the U.S. economy tracked by the Federal Reserve System, best thought of as total liquid assets. It was since be discontinued. In it's heyday, it was comprised of everything in M3 plus other liquid assets, including U.S. Treasury bills, commercial paper, and savings bonds. L was typically 15 to percent higher than M3 and seven times as much as M1. The Federal Reserve System discontinued this measurement in 1998.

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CONSTRAINED UTILITY MAXIMIZATION: The process or goal of obtaining the highest possible level of utility, under given restrictions, when the highest overall level of utility cannot be reached. You might want to check out the utility maximization entry. While the generic notion of utility maximization as the unrestricted pursuit of utility is important to the study of economics and consumer demand theory, it's probably less important to every day decisions than the notion of constrained utility maximization. We seldom achieve the maximize utility outright, but must do the best we can under assorted constraints and restrictions. See budget constraint.

     See also | utility | utility maximization | consumer demand theory | budget constraint |


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MARGINAL REVENUE PRODUCT

The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.

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