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VAULT CASH: Paper currency and metal coins possessed by a commercial bank, either stored in the actual bank vault or temporarily resting teller drawers. Vault cash is primarily used to facilitate daily bank transactions (that is, cashing checks), and together with Federal Reserve deposits make up legal bank reserves.

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Lesson 4: Production Possibilities | Unit 3: The Curve Page: 11 of 24

Topic: Slope and Cost <=PAGE BACK | PAGE NEXT=>

The slope of a line is measured by calculating the change in the value measured on the vertical axis divided by the change in the value measured on the horizontal axis.
  • Another way of saying this is to take the rise over the run.

    risechange in shoes
    slope =---- =--------------------------
    runchange in calibrators

  • Slope between I and J is -70. Rise is a decrease of 70. Run is an increase of 1.
The slope of the production possibilities curve is the opportunity cost of the good measured on the horizontal axis, which in our example is clock calibrators.

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TOTAL-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding total value stating that the marginal IS the slope of the total curve. This mathematical relation between total and marginal surfaces throughout the study of economics, especially utility (total utility and marginal utility), production (total product and marginal product), cost (total cost and marginal cost), and revenue (total revenue and marginal revenue). A related mathematical relation exists between a marginal value and the corresponding average value.

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Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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