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MARGINAL COST: The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost, usually abbreviated MC, is found by dividing the change in total cost (or total variable cost) by the change in output.
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Lesson 23: Factor Market Equilibrium | Unit 1: Intro
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Page: 6 of 24
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In this unit, you should have learned about:- Factor markets that exchange the services of the four factors of production -- labor, capital, land, and entrepreneurship.
- The two sides of the factor market -- factor demand and factor supply.
- The key role that marginal revenue product plays in factor demand.
- The key role that marginal facto cost plays in factor supply.
- How equilibrium applies to factor markets as a balance in the forces of factor demand and factor supply.
- The role of competition in factor markets and how relatively different competition among buyers and sellers affects the factor market.
- The role factor markets play in the overall economy as seen through the circular flow.
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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for jovial bank tellers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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QML
Quasi-Maximum Likelihood
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