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POLLUTION TYPES: Pollution residuals fall into one of three categories--degradable, nondegradeable, and persistent. Damage done by each type, and thus external cost, typically varies. At one extreme are degradable residuals and at the other are nondegradable. In the middle are persistent residuals.
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Lesson 6: Supply | Unit 1: Selling Basics
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Page: 3 of 19
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Topic:
Quantity Supplied
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Second, quantity supplied. Quantity supplied is the specific quantity of a good that sellers would be willing and able to sell at a specific price. - Price and quantity supplied are a pair of numbers that go together.
Quantity supplied is not the same as supply.- Supply is the entire range of prices and quantities (all pairs of numbers).
- Quantity supplied is a specific quantity at a specific price (a quantity paired with a price).
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VARIABLE INPUT An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
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A half gallon milk jug holds about $50 in pennies.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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BVAR
Bayesian VAR (Vector Autoregression)
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