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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.
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Lesson 14: Production | Unit 3: Product Curves
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Page: 14 of 25
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- How total, average, and marginal product react to changes in the variable input is determined by the law of diminishing marginal returns:
MP curve - Note the "hump-shape" of the curve, with increasing marginal product followed by decreasing then negative marginal product.
- The negatively-sloped portion of the curve is due to the law of diminishing marginal returns.
TP curve - Note that marginal product is the slope of the TP curve.
AP curve - Marginal product and average product are related by the average-marginal rule, which applies to the averages and marginals for any given variable.
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PRODUCT MARKETS Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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DCF
Discounted Cash Flow
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