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DERIVATION, CONSUMPTION LINE: A consumption line, a graphical depiction of the relation between household sector consumption and income, can be derived from a simple consumption schedule, a table or chart showing the relation between household sector consumption and income. This is easily accomplished by plotting the consumption-income pairs from the schedule as points in a diagram that measures consumption on the vertical axis and income on the horizontal axis, then connection the points with a line. The consumption line can also be derived directly by plotting the consumption function using slope and intercept values.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 12 of 24
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Topic:
Marginal Revenue Product Schedule
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- The factor demand schedule of an hypothetical firm:
- Deriving the marginal revenue is relatively straightforward, under the right assumptions:
- Let's assume that the firm sells its product in a perfectly competitive market.
- Under this assumption, marginal revenue is equal to price for each and every quantity of output produced.
- Deriving marginal revenue product under this assumption involves little more than multiplying this $2 price by the marginal physical product values in the third column.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for broken fingernail clippers.
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A half gallon milk jug holds about $50 in pennies.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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APR
Annual Percentage Rate
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