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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.
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Lesson 16: Perfect Competition | Unit 3: Doing Graphs
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Page: 15 of 28
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Topic:
Dividing Revenue
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- A diagram can help us identify the firm's division of revenue.
- Total Revenue: First, the MR curve is also average revenue and the product price, $4 per unit. This total revenue can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the MR curve on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.
- Total Cost: Total cost can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the horizontal line indicating $3.00 average total cost on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.
- Profit: The difference between the total revenue area and the total cost area is economic profit. This is the smaller rectangle near the top of the total revenue are.
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AUTONOMOUS EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for crowded shopping malls.
Your Complete Scope
This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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AVT
Ad Valorem Taxes
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