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March 30, 2017 

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TOTAL VARIABLE COST AND MARGINAL COST: A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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AXIOM:

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.
An axiom is a statement or notion that is unprovable, but presumed to be true. Axioms cannot be verified directly with real world data, and as such are largely accepted on faith. They comprise the world view of a scientific theory. Many axioms reflect religious beliefs, political ideologies, and views about the basic nature of humanity and the universe. Belief in a supreme, omnipotent, omniscience being is one such axiom. The notion that people are basically good (or bad) is another. The presumption that the universe abides by cause-and-effect relations is a key axiom for all of science.

While axioms cannot be verified directly with real world data, as is the case for hypotheses, they can be "checked" indirectly. Suppose, for example, dozens of theories that employ the same axiom generate hundreds of hypotheses that are refuted by real world data. The problem might rest with this axiom. If this axiom is then replaced with an alternative, and the subsequent hypotheses are supported by data, then the validity of the original axiom is even more suspect.

<= AVERAGE VARIABLE COST CURVE


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AXIOM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: March 30, 2017].


Check Out These Related Terms...

     | assumption | cause and effect | ceteris paribus | theory | world view | model | principle | hypothesis | verification | variables |


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     | scientific method | abstraction |


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     | economic systems | government functions | distribution standards | fallacies | assumptions, production possibilities | political views |


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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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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for crowded shopping malls.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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