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MARGINAL RETURNS: The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. You might recognize this as the definition of marginal product. It is. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns. When you come upon the phrase marginal returns, more often than not, it's probably referring to marginal product.
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TOTAL COST The opportunity cost incurred by all of the factors of production used by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed cost. Two other cost measures directly related to total cost are marginal cost and average total cost. Total cost is half of the information a firm uses to determine profit, the other half is total revenue.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for slightly overweight pizza delivery guys.
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More money is spent on gardening than on any other hobby.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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