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AGGREGATE PRODUCTION FUNCTION: A relation between the total production of real output for an economy and the amount of labor input. The aggregate production function is comparable to the standard production function used in the microeconomic analysis of firm behavior but is applied to the macroeconomic study of aggregate supply, resource markets, and employment. It is typically assumed to experience diminishing marginal returns, resulting in a decreasing marginal product of labor.
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MARGINAL REVENUE, PERFECT COMPETITION The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for high interest rates.
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A half gallon milk jug holds about $50 in pennies.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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TC
Total Cost
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