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VON THUNEN MODEL: A model of land use develop by Johann von Thunen that illustrates the trade off between land values and the distance from a central point of attraction. While originally applied to agricultural land use, the von Thunen model is commonly used to explain urban land use patterns. Two primary conclusions from the model are (1) that land values decrease as distance from the central point of attraction increases and (2) that different land use activities are contained in concentric rings equal distance from the central point of attraction based on the weight (or transportation cost) of the activity.
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Lesson 19: Monopolistic Competition | Unit 3: Output
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Page: 11 of 22
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- A monopolistic competitive firm is motivated by profit maximization.
- Profit maximization is the presumption that firms make decisions and undertake production to achieve the highest possible level of economic profit, which is the difference between total revenue and total opportunity cost (including a normal profit).
- With these numbers in place, the firm's profit-maximizing task is relatively straightforward -- to pick the production quantity associated with the highest amount of profit.
- Three ways:
- The Total Approach
- Profit
- The Marginal Approach
- In all likelihood the firm will go ahead and produce the sixth unit. However, it will not produce the eighth unit.
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BANK BALANCE SHEET A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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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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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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WAPM
Weak Axiom of Profit Maximization
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