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TANGENCY: A geometric condition that occurs when two curves touch at a single point with identical slopes at that point. This condition of tangency surfaces in several different areas of economic analysis, including indifference curve analysis (tangency between an indifference curve and budget line) and monopolistic competition (tangency between demand curve and long-run average cost curve). The tangency between two curves should be contrasted with the condition of intersection, in which two cross at a single point but do not have identical slopes.
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MARGINAL PRODUCTIVITY THEORY A theory used to analyze the profit-maximizing quantity of inputs (that is, the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular, a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed a derived demand.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for the happiest person in the room.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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SIB
Securities and Investment Board
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