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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 10: Utility and Demand | Unit 2: A Simple Choice Page: 5 of 21

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  • The question of the day is: How much, if any, time should I spend at the beach?

  • No Constraints

  • If the price of beach frolicking is zero or if have nothing better to do with my time and more than enough income to buy all of the beach frolicking that I want, the choice is relatively simple.

    • I achieve utility maximization by spending the number of hours at the beach that generates the highest level of utility. That number is 6 or 7 hours and the total utility generated is 42 utils.

    • Spending any more or less time generates less total utility.

    • Even though I can afford to spend all day at the beach (8 hours), I won't. The total utility of 8 hours is less than that for 6 or 7 hours.

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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?

On a typical day, the United States Mint produces over $1 million worth of dimes.
"In war, there is no second prize for the runner-up."

-- Omar Bradley, US Army general

PPP
Purchasing Power Parity
A PEDestrian's Guide
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