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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.
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Lesson 15: Cost | Unit 4: Long-Run Cost
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Page: 18 of 24
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Topic:
A Choice Of Plants
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- Deciding on the correct factory size.
- We simply need to select the factory size with the lowest average total cost.
- However, which factory size I select depends on the quantity of output I plan to produce.
- The segments of each short-run ATC curve that would be relevant for the alternative production levels is a line that goes by the official name long-run average cost curve (LRAC).
- The long-run average cost curve is the minimum short-run average total cost incurred at a given output quantity in the long run when all inputs are variable.
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CHANGE IN PRIVATE INVENTORIES The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production. Formerly termed change in business inventories, this is one of two main categories of gross private domestic investment included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other category is fixed investment. Change in private inventories tend to be about 3 to 5 percent of gross private domestic investment.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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MCP
Marginal Cost Pricing
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