|
|
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.
Visit the GLOSS*arama
|
|
|
|
|
AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
|
|
|
The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
|
|
|
"My father used to say to me, „Whenever you get into a jam, whenever you get into a crisis or an emergency . . .become the calmest person in the room and you'll be able to figure your way out of it. " -- Rudolph Giuliani
|
|
ACCR
Annual Cost of Capital Recovery
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
