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TOTAL FIXED COST: Cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It doesn't change. This includes cost that is not dependent on, or unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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Lesson 21: Factor Demand | Unit 2: Derived Demand Page: 10 of 24

Topic: Three (Or Four) Marginals <=PAGE BACK | PAGE NEXT=>

  • A review:

  • Marginal product is the change in the quantity of output produced resulting from a change in the quantity of the factor input used.
  • Marginal product measures the physical productivity of a given unit of input.

  • Marginal revenue is the change in the total revenue resulting from a change in the quantity of the output produced.
  • The combination of marginal (physical) product and marginal revenue leads to the fourth marginal concept:

  • Marginal revenue product is the change in the revenue received by a firm resulting from a change in the quantity of the factor input used.
  • Marginal revenue product indicates the value of the output produced by an input.


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EMPLOYMENT RATE

The ratio of employed persons to the total civilian noninstitutionalized population 16 years old or older. Also termed the employment-population ratio, the employment rate is used as an alternative to the unemployment rate as an indicator of the utilization of labor resources.

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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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