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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.

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Lesson 14: Production | Unit 6: Product Curves Page: 16 of 25

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In this unit, you should have learned about:
  • The TP curve as the graphical relation between total product values and variable input quantities.
  • The AP curve as the graphical relation between average product values and variable input quantities.
  • The MP curve as the graphical relation between marginal product values and variable input quantities.
  • The connection between the law of diminishing marginal returns and the shapes of the total product, average product, and marginal product curves.
  • The three stages of production characterized by the slopes of the total and marginal product curves.


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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APLS

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for mail order catalogs with hidden messages.
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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
"All things are difficult before they are easy."

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