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TOTAL VARIABLE COST: Cost of production that changes with changes in the quantity of output produced by a firm in the short run. Total variable cost is one part of total cost. The other is total fixed cost. Variable cost depends on the level of output. If a firm produces more output, then variable cost is greater. If a firm produces no output, then variable cost is zero. A cost measure directly related to total variable cost is average variable cost.

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PRINCIPLE OF MEDIAN LOCATION: A basic principle of location theory stating that an activity will select the median or middle point of location when selling an output to, or buying an input from, activities located a disperse points. In particular, this analysis indicates that the activity will locate at the median point, with an equal number of attraction points in any direction, rather than the arithmetic average of the distances to all points. The analysis imposes several restrictive assumptions, including a trip to each location, the same transit cost per mile to each location, the same quantity of output sold to, or input purchased from, each location. The principle of median voter is a similar principle that has been developed in the public choice study of voting behavior.

     See also | location theory | competition along a line | spatial | space | accessibility | dispersive force | attractive force | public choice |


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DEMAND SHOCK

A disruption of market equilibrium caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--a demand increase or a demand decrease. This is one of two disruptions of the market. The other is a supply shock.

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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for mail order catalogs with hidden messages.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"He who has a „why¾ to live can bear with almost any „how.""

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