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BROOKINGS INSTITUTION: An independent, nonpartisan organization devoted to research, analysis, education, and publication focused on public policy issues in the areas of economics, foreign policy, and governance. The Brookings Institution takes its name from Somers Brookings (1850-1932) who in 1922 and 1924 founded the Institute of Economics and a graduate school bearing his name. These two institutions and the Institute for Government Research (IGR), which was the first private organization devoted to analyzing public policy issues at the national level, merged in 1927 to create the Brookings Institution. The Brookings Institution is a non-profit organization located in Washington, D.C.
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PERFECT COMPETITION, PROFIT MAXIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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The average bank teller loses about $250 every year.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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AACT
American Assocation of Commodity Traders
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