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THRIFT INSTITUTIONS ADVISORY COUNCIL: A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The Thrift Institutions Advisory Council (TIAC) is comprised of 12 members, each serving for 2 years, who represent the interests of savings and loan associations, credit unions, and mutual savings banks. The TIAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Consumer Advisory Council.
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Lesson 10: Utility and Demand | Unit 3: Complex Choices
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Page: 9 of 21
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Topic:
How Much Of Each?
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- No Constraints
- To maximize total utility from both activities, I need to spend 6 or 7 hours at the beach and 5 or 6 hours at the amusement park.
- A Time Constraint
- Suppose for some reason I cannot spend more than 7 hours engaged in this two activities.
- Clearly I can't spend the 11 hours (6 hours at the beach and 5 hours at the amusement park) that would maximize utility with no constraints.
- The best of the choices is 4 hours at the amusement park and 3 hours at the beach.
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MARGINAL COST AND LAW OF DIMINISHING MARGINAL RETURNS Decreasing then increasing marginal cost, reflected by a U-shaped marginal cost curve, is the result of increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of short-run production. This translates into a positively-sloped supply curve for profit-maximizing competitive firms.
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WHITE GULLIBON [What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for mail order catalogs with hidden messages. Your Complete Scope
This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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OTS Office of Thrift Supervision
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