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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.
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Lesson 15: Cost | Unit 2: Three Totals
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Page: 9 of 24
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In this unit, you should have learned about:- Total cost as the total opportunity cost incurred by a firm in the production of output.
- The division of total cost between total fixed cost, that does NOT change with quantity, and total variable cost, that does change with quantity.
- Representing the three total cost measures as the total cost curve (TC), total fixed cost curve (TFC), and total variable cost curve (TVC).
- That the TFC curve is a horizontal line while the TVC curve is positively sloped, and that the shape of the TVC curve is influenced in part by the law of diminishing marginal returns.
- The TC curve as the vertical summation of the TFC and TVC curves, meaning that the TC curve has the same shape as the TVC curve.
- How the TVC curve can be derived from the total product curve by measuring of the variable input in terms of cost rather than the quantity.
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SLOPE, INVESTMENT LINE The positive slope of the investment line is also termed the marginal propensity to invest (MPI). This slope is greater than zero but less than one, reflecting induced investment. The slope of the investment line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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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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G-7
Group of Seven
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