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TOTAL VARIABLE COST AND MARGINAL COST: A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.
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RATIONAL IGNORANCE The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"You don't have to see the top of the staircase to take the first step.¾ " -- Martin Luther King, civil rights leader
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IS-LM
Investment/Saving-Liquidity/Money
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