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NATIONAL SCIENCE FOUNDATION: An independent agency of the U.S. Government whose main goals are: (1) to promote the progress of science, (2) to advance the national health, prosperity, and welfare, and (3) to secure the national defense. The National Science Foundation (NSF) funds research and education in science and engineering through grants, contracts, and cooperative agreements in all parts of the United States. The governing board of the NSF is the National Science Board, which is composed of 24 part-time members, appointed by the President and confirmed by the Senate. The NSF was established by the National Science Foundation Act signed by President Harry S. Truman in 1950.
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TOTAL FIXED COST CURVE: A curve that graphically represents the relation between total fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between total fixed cost and the level of output, holding other variables, like technology and resource prices, constant. Because total fixed cost are, in fact, fixed, the total fixed cost curve is, in fact, a horizontal line. The total fixed cost curve is one of three total cost curves, the other two are total cost curve and total variable cost curve. Total Fixed Cost Curve | | The total fixed cost curve is the most straightforward of the three total curves (the other two being total cost curve and total variable cost curve). The reason for such straightforwardness is that total fixed cost is fixed. It is the same at all output levels.The total fixed cost curve can be derived in two ways. One is to plot a schedule of numbers relating output quantity and total fixed cost. The other is to vertically subtract the total variable cost curve from the total cost curve. The total fixed cost curve can be used to derive average fixed cost. Total fixed cost is visually illustrated by the graph to the right, which is the total fixed cost curve for the short-run production of Wacky Willy Stuffed Amigos (those cute and cuddly armadillos and tarantulas). The quantity of Stuffed Amigos production, measured on the horizontal axis, ranges from 0 to 10 and the total fixed cost incurred in the production of Stuffed Amigos, measured on the vertical axis, is $3 at each quantity of production. Because total fixed cost is fixed, the total fixed cost curve is a horizontal line that intersects the vertical axis at $3. If production is 0 Stuffed Amigos, total fixed cost is $3. If Stuffed Amigo production is 10, total fixed cost is $3. If production of Stuffed Amigos is boosted to a billion, then total fixed cost is $3.
Recommended Citation:TOTAL FIXED COST CURVE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024]. Check Out These Related Terms... | | | | | | | | | | | | | | Or For A Little Background... | | | | | | | | | | | | | And For Further Study... | | | | | | | | | | | |
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YELLOW CHIPPEROON [What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for infected paper cuts. Your Complete Scope
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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