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HIERARCHY OF NEEDS: Developed by Abraham Maslow, the notion that people are motivated to satisfy basic physiological needs (food, shelter, etc.) before moving on to satisfying higher psychological needs (security, companionship, etc.). These alternative needs are layered in a hierarchial pattern with physiological needs on the bottom, safety needs on the second layer, belonging needs on the third layer, esteem needs on the fourth layer, and self-actualization needs at the top. This hierarchy of needs has been used to help explain the progress of human societies from agrarian to manufacturing to service to information.
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Lesson 21: Factor Demand | Unit 3: The Curve
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Page: 13 of 24
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Topic:
Marginal Revenue Product Curve
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- To understand factor demand, we MUST understand marginal revenue product.
- This means to derive the factor demand curve we MUST first identify the marginal revenue product curve.
- The marginal revenue product curve is a graphical plot of the relation between marginal revenue product and the quantity of input.
- This marginal revenue product curve can be used to derive the factor demand curve.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market looking to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The average length of a "business lunch" is about 36 minutes.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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SIB
Securities and Investment Board
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