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April 28, 2017 

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VERTICAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the vertical or Y axis for a given value of the variable on the horizontal or X axis. This is commonly used for deriving the demand curve for a public good from a set of individual demand curves. The demand price that each individual buyer is willing to pay is added for a given quantity to identify the total benefits obtained.

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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

     See also | exchange | market | price | involuntary exchange | government | taxes | regulation | government functions | mixed economy |


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VOLUNTARY EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: April 28, 2017].


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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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APLS

State of the ECONOMY

New Orders for Manufactured Durable Goods
November 2016
$228.2 billion U.S. Commerce Dept.
Down 4.6% from Oct. 2016

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for high interest rates.
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This isn't me! What am I?

The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Nothing is a waste of time if you use the experience wisely. "

-- Auguste Rodin, Sculptor

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Association of American Chambers of Commerce in Latin America
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