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MARGINAL FACTOR COST, PERFECT COMPETITION: The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 8 of 25

Topic: Why Study: Taxes <=PAGE BACK | PAGE NEXT=>

  • Governments levy taxes for two reasons:

    1. Revenue Generation: To collect the revenue needed to operate and to provide public goods.
    2. Resource Allocation: To change the allocation of resources and to alter the production and consumption of specific goods.

  • Elasticity determines how effectively a tax achieves it's desired goal.

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AUTOMATIC TRANSFER SERVICE ACCOUNTS

Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.

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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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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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