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ENVIRONMENTAL SCANNING: The process of collecting information on various forces in the business environment that can impact the future of the company. These forces are: economic, legal/regulatory, sociocultural, technological, competitive and political. This is usually done as part of a regularly scheduled strategic planning session and is generally a necessary component in a marketing plan.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 8 of 28

Topic: The Cost Side <=PAGE BACK | PAGE NEXT=>

  • Numbers illustrating the cost side of a perfectly competitive firm is presented in this table.

    • Typical Numbers: First, note that the cost of producing output by a perfectly competitive firm is comparable to that for any firm.

    • Quantity (Q): The quantity produced by the firm is presented in the first column.

    • Total Cost (TC): The total cost of production is presented in the second column.

    • Marginal Cost (MC): The change in total cost for a given change in quantity, marginal cost, is presented in the third column.

    • Any Averages? This table does not display any of the average cost values (average total cost, average variable cost, or average fixed cost).


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PRODUCT LIFE CYCLE

The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

LRAC
Long Run Average Cost
A PEDestrian's Guide
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