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INTER-AMERICAN DEVELOPMENT BANK: A regional multilateral development institution established 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank provides loans and technical assistance using capital provided by its member countries, as well as resources obtained in world capital markets through bond issues. The Bank is owned by its 46 member countries: 26 borrowing member countries in Latin America and the Caribbean, and 20 nonborrowing countries, including the United States, Japan, Canada, 16 European countries, and Israel. The Inter-American Development Bank has its headquarters in Washington, DC.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 18 of 22
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- A method of graphing the marginal utility curve is to derive it directly from the total utility curve.
- This method is based on an interesting and useful relation between totals and marginals that surfaces time and time again in the study of economics, what we can term the total-marginal relation.
- The total-marginal relation is that the marginal value of a variable is equal to the slope of the curve for the corresponding total value of a variable.
- For our immediate discussion of marginal utility, this means that marginal utility is the slope of the total utility curve.
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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WFTU
World Federation of Trade Unions
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