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TOTAL VARIABLE COST CURVE: A curve that graphically represents the relation between total variable cost incurred by a firm in the short-run production of a good or service and the quantity produced. The marginal cost curve, THE focal point for the analysis of short-run production, can be derived directly from the total variable cost curve. The shape of the total variable cost curve reflects increasing marginal returns at small quantities of output and decreasing marginal returns at later quantities.
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AUTONOMOUS EXPORTS Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for slow moving vehicles with darkened windows.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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S&D
Supply and Demand
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