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MARGINAL FACTOR COST, PERFECT COMPETITION: The change in total factor cost resulting from a change in the quantity of factor input employed by a perfectly competitive firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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Lesson 9: Consumer Demand | Unit 1: Demand Theory Page: 3 of 22

Topic: Utility <=PAGE BACK | PAGE NEXT=>

  • Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
  • The terms utility and satisfaction are used interchangeably in economics.
  • Two other terms often used to capture this notion are welfare and well-being.
  • Using the utility notion to analyze market demand entails a couple of points:

  • One, Utility is More than Useful
  • Two, Utility is Not Measurable

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CONCENTRATION RATIOS

A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.

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