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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.

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Lesson 21: Factor Demand | Unit 5: Taking Stock Page: 23 of 24

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  • A few topics you can look forward to in other lessons.

    • Factor Supply: Factor demand is only one side of the factor market. The other side, as you might suspect, is factor supply.

    • Factor Market Equilibrium: The balance of factor demand and factor supply in the factor market, like any market, generates equilibrium.

    • Labor Markets: Labor represents the most widely used factor service throughout the economy.


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RENT SEEKING

The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for letters from the Internal Revenue Service.
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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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