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CHANGE IN SUPPLY: A shift of the supply curve caused by a change in one of the supply determinants. In essence, a change in supply is caused by any factor affecting supply EXCEPT price. This concept should be contrasted directly with a change in quantity supplied. You should also review the terms change in quantity demanded and change in demand, too. A change in supply is a change in ALL supply price-quantity supplied pairs, meaning that each price is matched up with a different quantity (which is illustrated as a shift of the supply curve). And this change in supply is caused by a change in any of the supply determinants. In contrast, a change in quantity supplied is a change from one price-quantity pair to the another (which is illustrated as a movement along a given supply curve).
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MARGINAL COST AND MARGINAL PRODUCT The U-shape of the marginal cost curve is closely related to the hump-shape of the marginal product curve. The increasing portion of the marginal product curve corresponds with the decreasing portion of the marginal cost curve. The decreasing portion of the marginal product curve corresponds with the increasing portion of the marginal cost curve. The peak of the marginal product curve corresponds with the minimum of the marginal cost curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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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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"Good plans shape good decisions. That's why good planning helps to make elusive dreams come true." -- Lester Bittle, Author
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ACBS
Accrediting Commission for Business Schools
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