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SHORT-RUN PRODUCTION ALTERNATIVES: A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 3 of 21

Topic: Choices <=PAGE BACK | PAGE NEXT=>

  • Buying decisions, as well as those involving other activities, involving a comparison of the benefits with the costs.
    1. The benefits primarily include the satisfaction or utility derived from consuming the good or undertaking the activity.
    2. The costs include, but are not limited to, the price of the good (plus taxes and handling fees) and the utility foregone from other goods NOT consumed.

  • Other non-traditional areas of inquiry have proven fruitful:
    • Elections
    • Crime
    • Household Production

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ALTERNATIVE UNEMPLOYMENT RATES

The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked and reported by the BLS, officially labeled sequentially U1 through U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be under utilized, including unemployment duration, job losers, discouraged workers, marginal workers, and part-time workers.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for strangers with large satchels of used undergarments.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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