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LRTC: The abbreviation for long-run total cost, which is the opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Unlike short-run total cost, long-run total cost can not be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 10 of 21

Topic: A Short Cut? <=PAGE BACK | PAGE NEXT=>

  • The equality between marginal utilities is a handy short cut for making choices.

  • If one good generates more marginal utility that the other, then total utility can be increased by consuming more of that good and less of the other.

  • A simple rule is to choose the quantities of two or more goods such that marginal utility of the last unit of each good consumed is the same for all goods.

  • MU of good 1 = MU of good 2

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WANTS

The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

EBIT
Earnings Before Interest and Taxes
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