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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
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TOTAL COST The opportunity cost incurred by all of the factors of production used by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost. Two other cost measures directly related to total cost are marginal cost and average total cost. Total cost is half of the information a firm uses to determine profit, the other half is total revenue.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for the last item on a shelf.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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QML
Quasi-Maximum Likelihood
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