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RAW MATERIALS: The stuff used in the production of tangible products that become the tangible products. Raw materials, also shorted to just materials, are part of the land category of scarce resources. Space is also part of the land resource category. Another term that works as a synonym for materials is natural resources. Perhaps it's obvious that without materials, there would be no tangible products.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 13 of 28

Topic: Profit Curve <=PAGE BACK | PAGE NEXT=>

  • The profit curve.

  • A profit curve is the graphical representation of the relation between a firm's profit and the quantity of output produced.
  • Notes:
    • Breakeven output occurs at the quantities where economic profit is zero.

    • Profit maximization occurs at the quantity of output where the profit curve reaches it's peak. This quantity is 8 units.


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PRODUCTION STAGES

The three stages of production are characterized by the slopes, shapes, and interrelationships of the total, marginal, and average product curves. The first stage is characterized by a positive slope of the average product curve, ending at the intersection between the average product and marginal product curves; the second stage by continues up to the point in which the marginal product becomes negative, at the peak of the total product curve; and the third stage exists over the range of in which the total product curve is negatively sloped. In Stage I, average product is positive and increasing. In Stage II, marginal product is positive, but decreasing. And in Stage III, total product is decreasing.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

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Intertemporal Capital Asset Pricing Model
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