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 WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).
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 Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 15 of 25

 Topic: Factor Cost Times Three <=PAGE BACK | PAGE NEXT=>

• A set of useful concepts in the analysis of factor markets:

• Total factor cost is the opportunity cost incurred when using a given factor of production to produce a good or service.
• Total factor cost is used as the starting point for calculating the other two related measures:

• Average factor cost is the total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input.
• The third factor cost concept is marginal factor cost.

• Marginal factor cost is 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 indicates how a firm's total factor cost is affected by hiring one more or one fewer factor.

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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 The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
 "It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."-- Elizabeth Stuart Phelps, Writer
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