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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 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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SATISFACTION

The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for slow moving vehicles with darkened windows.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"If anything terrifies me, I must try to conquer it. "

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