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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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Lesson 16: Perfect Competition | Unit 3: Doing Graphs
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Page: 17 of 28
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Topic:
Short-Run Supply
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- The short-run supply curve:
- A perfectly competitive firm's short run supply curve is that segment of it's marginal cost curve that above lies above the average variable cost curve.
- Three key points:
- A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost (MR = MC).
- A perfectly competitive firm is characterized by the equality between price and marginal revenue (P = MR).
- The law of diminishing marginal returns means that the marginal cost curve has a positive slope.
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TAX PROPORTIONALITY The proportion of income paid in taxes at different levels of income. In some cases the proportion of income paid in taxes increases with income in other cases it decreases. And in still other cases, it remains the same. Tax proportionality comes in three alternatives -- proportional tax (different incomes pay the same proportion in tax), progressive tax (higher incomes pay a higher proportion in tax), and regressive (lower incomes pay a higher proportion in tax).
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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SOFFEX
Swiss Options and Financial Futures Exchange
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