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FINANCIAL WEALTH, AGGREGATE DEMAND DETERMINANT: One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in financial wealth causes an increase (rightward shift) of the aggregate curve. A decrease in financial wealth causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants are interest rates, federal deficit, inflationary expectations, and the money supply.

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Lesson 15: Cost | Unit 2: Three Totals Page: 6 of 24

Topic: A Table Of Totals <=PAGE BACK | PAGE NEXT=>

  • A quick overview of this table.

    • First, to keep our discussion simple, the quantity values presented in the table are the number units of a good produced each minute.

    • Second, the second column presents total fixed cost (TFC), which is $3.00 per minute.

    • Third, the third column presents total variable cost (TVC), which ranges from a low of $0 to a high of $43.00.

    • Fourth, the fourth column is total cost (TC), which is the sum of TFC and TVC.

  • These three total cost measures lay an important foundation for the study of short-run production.

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CONSUMER SURPLUS

The satisfaction that consumers obtain from a good over and above the price paid. This is the difference between the maximum demand price that buyers are willing to pay and the price that they actually pay. A related notion from the supply side of the market is producer surplus.

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