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PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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Lesson 4: Production Possibilities | Unit 1: Getting Started
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Page: 4 of 24
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- The basic production possibilities analysis.
- How the production possibilities analysis can be used to (a) help answer the "What?" question of allocation, (b) understand basic macroeconomic concepts, and (c) work with graphical analysis.
- The four assumptions of production possibilities analysis-two goods, fixed resources, fixed technology, and technical efficiency.
- The limitations of production possibilities analysis-it tells us what is possible, not what is best.
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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for telephone calls from long-lost relatives.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Wise men speak because they have something to say; Fools because they have to say something. " -- Plato, philosopher
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SEHK
Stock Exchange of Hong Kong
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