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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.
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Lesson 15: Cost | Unit 3: Four More Measures
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Page: 16 of 24
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In this unit, you should have learned about:- How the three measures of total cost are used to derived three corresponding measures of average cost, average total cost, average fixed cost, and average variable cost.
- That average fixed cost declines with the quantity of output produced, but that both average total cost and average variable cost follow a pattern of decrease, increase.
- Plotting curves to represent the three average cost measures -- yielding the average total cost curve, average fixed cost curve, and average variable cost curve.
- The negative slope of AFC curve and the U-shape of the AVC and the ATC curves. And that the increasing portions of the AVC and ATC curves is indirectly due to the law of diminishing marginal returns.
- That the ATC curve is the vertical summation of the AFC and AVC curves.
- Marginal cost as the change in either total cost or total variable cost resulting from a change in the quantity of output produced.
- That marginal cost also displays a pattern of decrease then increase, with the increasing portion due to the law of diminishing marginal returns.
- The marginal cost curve as the plot of marginal cost values, which is also U-shaped, and which directly reflecting the law of diminishing marginal returns.
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REDUNDANT INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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DOC
Department of Commerce
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