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INCOME-EXPENDITURE MODEL: A macroeconomic model, which captures the essence of Keynesian economics, is based on the equality between total income generated from gross domestic product and total expenditures on gross domestic product. The cornerstone of the income-expenditure model is the consumption function, which relates household consumption expenditures to income and gives rise to the aggregate expenditure line with the addition of investment, government purchases, and net exports. The intersection between the aggregate expenditure line at the 45-degree identifies equilibrium.
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Lesson 16: Perfect Competition | Unit 3: Doing Graphs
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Page: 18 of 28
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In this unit, you should have learned about:- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the greatest vertical distance between the total revenue and total cost curves.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the peak of the profit curve.
- How the profit-maximizing quantity of output for a perfectly competitive firm can be found by identifying the intersection between the marginal revenue and marginal cost curves.
- That the total revenue received by a profit-maximizing perfectly competitive firm is divided between total cost, total variable cost, total fixed cost, and profit.
- That a profit-maximizing perfectly competitive firm faces three short-run output alternatives based on a comparison of price, average total cost, and average variable cost.
- Why the short-run supply curve for a perfectly competitive firm is the segment of the marginal cost curve that lies above the average variable cost curve.
- That the short-run supply curve for a perfectly competitive firm is positively sloped due to the law of diminishing marginal returns.
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MANAGERIAL BEHAVIOR A preference for maintaining the status quo over changing it based on relatively greater satisfaction generated by redundant information over novel information. Managerial behavior is well suited for keeping an existing business and complex organizations running smoothly and efficiently. This behavior is inclined to manage, to administer, and to apply existing rules and procedures. An alternative is entrepreneurial behavior, which is a preference for changing the status quo over maintaining it.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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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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ARMA
Autoregressive Moving Average
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