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 YIELD: The rate of return on a financial asset. In some simple cases, the yield on a financial asset, like commercial paper, corporate bond, or government security, is the asset's interest rate. However, as a more general rule, the yield includes both the interest earned from an asset plus any changes in the asset's price. Suppose, for example, that a \$100,000 bond has a 10 percent interest rate, such that the holder receives \$10,000 interest per year. If the price of the bond increases over the course of the year from \$100,000 to \$105,000, then the bond's yield is greater than 10 percent. It includes the \$10,000 interest plus the \$5,000 bump in the price, giving a yield of 15 percent. Because bonds and similar financial assets often have fixed interest payments, their prices and subsequently yields move up and down as economic conditions change.
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 Lesson 4: Production Possibilities | Unit 3: The Curve Page: 10 of 24

 Topic: Connecting Points <=PAGE BACK | PAGE NEXT=>

Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.
• Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
• The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
• Note that the curve is flat at the top and steep at the bottom.

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INDETERMINANT

The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.

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 LRTCLong Run Total Cost
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