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HERFINDAHL INDEX: A measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 14 of 20
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What theory inspired this hypothesis?- The suspicion might be informal, but that doesn't mean it lacks the basics of a theory:
- World View:
- Instructors are 'nice' people, who know and like students in the front of the class better-- and thus award them higher grades.
- General Laws of Nature:
- Less information reaches students seated in the back because of physical laws governing the diffusion of light and sound.
- More motivated students, who study more and earn higher grades, are inclined to sit near the front of the class.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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AFBD
Association of Futures Brokers and Dealers (UK)
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