Saturday  June 22, 2024
 AmosWEB means Economics with a Touch of Whimsy!
 HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
 Most Viewed (Number) production stages (230)market structures (155)limited resources (114)total variable cost curve (98)marginal physical product (93) Visit the WEB*pedia

MARGINAL COST: The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost, usually abbreviated MC, is found by dividing the change in total cost (or total variable cost) by the change in output.

Recommended Citation:

MARGINAL COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 22, 2024].

AmosWEB Encyclonomic WEB*pedia:

Additional information on this term can be found at:

WEB*pedia: marginal cost

Search Again?

ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

 PURPLE SMARPHIN[What's This?] Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for telephone calls from former employers.Your Complete Scope
 More money is spent on gardening than on any other hobby.
 "The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "-- Napoleon Hill, author
 SMSAStandard Metropolitan Statistical Area
 Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

| | | | | | | | | | |
| | | |

Thanks for visiting AmosWEB