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SHUTDOWN RULE, MONOPOLY: The marginal revenue and marginal cost approach to analyzing a monopoly firm's short-run production decision can be used to identify circumstances in which a firm minimizes losses by shutting down production in the short run. If the market price falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).
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Lesson Contents
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Unit 1: Background |
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Unit 2: Resources |
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Unit 3: Factor Supply |
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Unit 4: Determinants |
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Unit 5: Taking Stock | |
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Factor Supply
- The first unit of this lesson, Background, begins by laying the foundation for factor markets and factor supply.
- In the second unit, Resources, we examine specific supply considerations for the alternative factors of production.
- The third unit, Cost And Supply, then takes a look at the three key factor cost concepts -- total, average, and marginal.
- In the fourth unit, Determinants, we examine the key determinants that shift the factor supply curve, especially mobility.
- The fifth and final unit, Taking Stock, then closes this lesson with a review of factor supply and a preview of factor market analysis to come.
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AVERAGE PROPENSITY TO SAVE The proportion of household income that is used for saving. The average propensity to save (abbreviated APS) is really nothing more than average saving. Together with the average propensity to consume, it indicates how a given level of income is divided between consumption and saving. A related saving measure is the marginal propensity to save.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Consult not your fears, but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do. " -- Pope John XXIII
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LPG
Liquid Petroleum Gas
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