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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for the last item on a shelf.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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Seminonparametric
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