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NORMAL PROFIT: The opportunity cost of using entrepreneurial abilities in the production of a good, or the profit that could have been received in another business venture. Like the opportunity costs of other resources, normal profit is deducted from revenue to determine economic profit. It is, however, never included as an accounting cost when accounting profit is computed.
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AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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LIML
Limited Information Maximum Likelihood
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