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SHORT-RUN PRODUCTION: An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. This analysis of short-run production is but the first step in a brisk walk toward a better understanding of supply. Further steps include the cost of short-run production, especially marginal cost, and the market structure in which a firm operates, such as perfect competition or monopoly.
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TOTAL UTILITY CURVE A curve illustrating the relation between the total utility obtained from consuming a good and the quantity of the good consumed. The shape of the total utility curve, increasing at a decreasing rate, reflects the law of diminishing marginal utility. The reason for this is that slope of the total utility curve is marginal utility, meaning the total utility curve can be use to derive the marginal utility curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for crowded shopping malls.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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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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PDI
Personal Disposable Income
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