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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 10 of 28

Topic: Comparing Marginals <=PAGE BACK | PAGE NEXT=>

  • A look at the numbers:

    Our focus at this point, however is on marginal revenue and marginal cost:

    • Marginal Revenue (MR): The third column displays marginal revenue, which is a constant at the $4 per unit at every quantity of output. The price is fixed and so too is marginal revenue.

    • Marginal Cost (MC): The fifth column presents the marginal cost the firm incurs in the short run for the production of units.

  • The analysis of total revenue indicates that the profit-maximizing production is 7 units, which generates a profit of $7.


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INTERMEDIATE GOODS

Goods (and services) that are used as inputs or components in the production of other goods. Intermediate goods are combined into the production of finished products, or what are termed final goods. Unlike final goods, intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so creates the problem of double counting.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for poorly written technical manuals.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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