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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 5: Previewing Supply
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Page: 24 of 24
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In this unit, you should have learned about:- The connection between the principles of short-run production and short-run cost.
- How the three stages of production are reflected in the short-run cost curves.
- How increasing marginal cost provides an explanation for the direct relation between supply price and quantity supplied that is the law of supply.
- A preview of market structures that are do not follow the law of supply because they are not guided by the marginal cost curve when making production decisions.
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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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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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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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TU
Total Utility
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