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MARGINAL REVENUE AND MARGINAL COST: A profit-maximizing firm produces the quantity of output that equates marginal revenue and marginal cost. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and profit curve. This marginal revenue and marginal cost approach to identifying profit-maximizing production can be accomplished using either a table of numbers of a set of curves. The end result is the same. Profit-maximizing production takes place at the quantity generating an equality between marginal revenue and marginal cost.

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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity.

     See also | efficiency | satisfaction | resources | allocative efficiency | technical efficiency | scarcity | production possibilities | economy | unlimited wants and needs | limited resources | value |


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ECONOMIC EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: November 26, 2022].


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SAVING FUNCTION

A mathematical relation between saving and income by the household sector. The saving function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the saving line. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the saving function are the intercept term, which indicates autonomous saving, and the slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving function.

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