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COMPLEMENT-IN-PRODUCTION: One of two goods that are produced jointly using the same resource -- that is, the production of one good automatically triggers the production of the other. The terms "joint products" or "by-products" are two terms commonly used for complements-in-production. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement-in-production causes a increase in supply of the other. Complements-in-production are goods produced jointly from the same resource or input. This typically happens when the resource in question has parts that can be separated into different products. One example is the production of two goods -- beef and leather -- from one resource -- cattle. Another complement in production example is lumber and sawdust, both produced from a single tree.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for high interest rates.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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VC
Variable Cost
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