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ECONOMIC REPORT OF THE PRESIDENT: An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.

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Lesson 10: Utility and Demand | Unit 4: On To Demand Page: 15 of 21

Topic: A Price Change <=PAGE BACK | PAGE NEXT=>

  • A Higher Price

  • Let's say that the price for going to the beach rises from $2 to $4 per hour. How is the quantity of my beach frolicking affected?
    • The end result is that the higher price has reduced the quantity demanded of beach time.

  • A Lower Price

  • Let's say that the price for going to the beach falls $2 to $1.33 per hour. How is the quantity of my beach frolicking affected in this case?
    • The end result is that a lower price has increased the quantity demanded of beach time.

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MARGINAL FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

-- Cao Yu, Playwright

MSE
Mean Squared Error
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