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DISPOSABLE PERSONAL INCOME: The total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. This is the income left over after income taxes and social security taxes are removed and government transfer payments, like welfare, social security benefits, or unemployment compensation are added.
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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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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SELA
Latin American Economic System
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