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June 16, 2024 

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HOW?: One of three basic questions of allocation (What? and For Whom? are the other two). Answering the "How?" question of allocation determines how society's limited resources will be combined in the production goods. Do we produce houses with wood or bricks? Do we make cars with automated robots or human labor?

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PROFIT CURVE, MONOPOLY: A profit-maximizing monopoly firm produces output where economic profit is the greatest. A profit curve graphically represents the relation between economic profit earned by a monopoly firm and the quantity of output sold. This curve is constructed to capture the relation between profit and the level of output, holding other variables, especially those affecting the total revenue and total cost curves, constant. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and marginal revenue and marginal cost.

     See also | profit | profit curve | monopoly | short-run production | firm | quantity | total revenue | total cost | profit maximization | production | marginal revenue | marginal cost |


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ECONOMICS OF UNCERTAINTY

The study of the role that uncertainty plays in the economy and in the allocation of resources, with special attention paid to the analysis of risk. Key topics in this area of study and analysis are risk preferences (aversion, neutrality, and loving) and the provision of insurance. This study of the economics of uncertainty is part of the broader study of the economics of information.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for the last item on a shelf.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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