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SHORT-RUN AGGREGATE SUPPLY CURVE: A graphical representation of the short-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The short-run aggregate supply, or SRAS, curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the long-run aggregate supply curve (LRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The positive slope of the SRAS curve captures the direct relation between real production and the price level that exists in the short run.
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Lesson Contents
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Unit 1: The Basics |
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Unit 2: Three Totals |
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Unit 3: Four More Measures |
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Unit 4: Long-Run Cost |
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Unit 5: Previewing Supply | |
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Cost
- The first unit of this lesson, The Basics, begins this our study with a review of the opportunity cost notion and how it relates to business activity.
- In the second unit, Three Totals, we take a look at the three total cost measures, including total cost, total variable cost, and total fixed cost.
- The third unit, Four More Measures, then presents four additional cost measures -- average total cost, average variable cost, average fixed cost, and marginal cost.
- In the fourth unit, Long-Run Cost, we examine how scale economies and diseconomies affect cost in the long run.
- The fifth and final unit, Previewing Supply, then closes this lesson by previewing the importance of cost, especially marginal cost, to the supply decision by a firm.
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PER UNIT TAX A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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CIFCI
Cost, Insurance, Freight, Commission and Interest
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