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JOINT DEMAND: Demand for two or more commodities that are either complements-in-consumption or complements-in-production. Joint demand results because two or more commodities are used together either to satisfy wants and needs or to produce goods and services. Because the commodities are used jointly, the demand for one good is necessarily based on the use and availability of another good. If, for example, you enjoy milk and brownies as complements-in-consumption, but the bakery is out of brownies, then your demand for milk is also likely to decline.
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PERFECT COMPETITION, PROFIT ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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IQ
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