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BENEFIT-COST RATIO: The benefit of an activity per dollar of cost. Benefit-cost ratios (or alternatively cost-benefit ratios) are frequently estimated for many forms of government spending, as well as a growing number of business investments. This technique was originally developed to determine if public investment projects, like dams, public parks, highways, etc., were worth doing. The logic is simple -- If benefits are greater than costs, then the project is worthwhile, if they are less, then it isn't.
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Lesson 2: Economic Science | Unit 3: Verification
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Page: 9 of 20
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Topic:
Overview and Data
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An hypothesis is a possible, even probable, scientific relationship. An hypotheses is a candidate to become a principle. Hypothesis must be tested before becoming principles.- A possible hypothesis: The distance between a passing car and a jogger depends on the driver's political philosophy.
- Alternative hypotheses can also explain differences in distance between jogger and passing car.
An hypothesis that seems reasonable is not necessarily right. It must be verified with real world data.- The scientific method does not accept an explanation at face value. It needs to prove an explanation is correct.
- Scientists check to see if a reasonable explanation is consistent with the data. The scientific process is all about verifying hypotheses.
- To test our hypothesis, ask people about passing distance and political affiliation.
- While subjective data, based on asking people, can be useful, objective methods of data collection are usually preferred. Let's use lasers.
- Government is a fruitful source of objective data.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope
This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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EBC
Electronic Business Communications
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