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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.

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Lesson 22: Factor Supply | Unit 1: Background Page: 4 of 25

Topic: Factor Markets <=PAGE BACK | PAGE NEXT=>

  • The notion of factor markets.

  • Factor markets exchange the productive services of resources or factors of production.
  • Factor markets and resource markets are synonymous.

  • Like any markets, factors markets combine the forces of demand and supply.

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LONG-RUN TOTAL COST

The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"There is no passion to be found playing small in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

LRTC
Long Run Total Cost
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