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July 9, 2020 

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AFC: The abbreviation for average fixed cost, which is 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 avarage total cost. Average fixed cost decreases with larger quantities of output. 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.

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INTERMEDIATE RANGE: The positively-sloped segment of the Keynesian aggregate supply curve that reflects the trade-off between aggregate output and the price level. Shifts of the aggregate demand curve in this range lead to changes in both aggregate output and the in price level. The intermediate range is consistent with the modern view of a positively sloped short-run aggregate supply curve. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the classical range.

     See also | Keynesian aggregate supply curve | Keynesian economics | aggregate output | price level | short-run aggregate supply curve | Keynesian range | classical range | gross domestic product |


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INTERMEDIATE RANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: July 9, 2020].


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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE

The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for crowded shopping malls.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. "

-- Peter Marshall, US Senate chaplain

Q-RATIO
Ratio of Total Market Value of Physical Assets
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