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TOTAL COST AND MARGINAL COST: A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. If the total cost curve has a positive slope (that is, is upward sloping), then marginal cost is positive. Moreover, if the total cost curve has a positive and increasingly steeper slope, then the marginal cost is positive and rising. If the total cost curve has a positive and decreasingly steeper slope, then the marginal cost is positive but falling.
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CONSUMPTION The use of resources, goods, or services to satisfy wants and needs. At the macroeconomic level, consumption is reflected as expenditures by the household sector on gross domestic product. At the microeconomic level, consumption is important to utility, demand, and market exchanges. Consumption is the ultimate goal of economic activity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for deranged pelicans.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The true idealist pursues what his heart says is right in a way that his head says will work. " -- Richard Nixon, 37th US president
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PIH
Permanent Income Hypothesis
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