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MARGINAL FACTOR COST AND AVERAGE FACTOR COST: The relation between marginal factor cost and average factor cost is comparable to other average-marginal relations found in the study of economics. For a firm that hires factors in a perfectly competitive factor market, marginal factor cost and average factor cost are equal, and equal to the factor market price. All three are represented by a horizontal, or perfectly elastic, curve equal to the factor market price. For a firm that hires factors in an imperfectly competitive factor market, especially monopsony, marginal factor cost is greater than both average factor cost and the factor market price.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for telephone calls from former employers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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BACS
Bankers Automated Clearing Services
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