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SPACE: The final frontier... to boldly go where no one has gone before. Space represents a key dimension of the land category of scarce resources. The space of land provides a place for locating productive activity. This becomes most important in terms of accessibility, which is one location relative to other locations.
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Lesson 6: Market Supply | Unit 3: Supply Curve
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Page: 8 of 19
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This table is a supply schedule presenting the relationship between supply price and quantity supplied. Our relationship is between the supply price in the middle column and the quantity of stuffed animals supplied in the right-hand column. Assumptions: - Ceteris paribus factors do not change.
- Quantities are supplied for a specific time period, such as one year.
Some observations about the supply schedule:- First, higher prices go with larger quantities supplied-the law of supply.
- Second, the prices are minimum values for the given quantities.
- Third, supply is the whole set of price/quantity pair numbers. Quantity supplied is any single number at the specified price.
- Fourth, these numbers are hypothetical, presenting a 'what if' relationship.
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TOTAL-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding total value stating that the marginal IS the slope of the total curve. This mathematical relation between total and marginal surfaces throughout the study of economics, especially utility (total utility and marginal utility), production (total product and marginal product), cost (total cost and marginal cost), and revenue (total revenue and marginal revenue). A related mathematical relation exists between a marginal value and the corresponding average value.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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IIPF
International Institute of Public Finance
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