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ECONOMIC ANALYSIS: The process of investigating economic phenomena in a systematic manner. In one sense, this is the heart and soul of the economic discipline. While economists spend ample time identifying economic concepts, the end result of this discovery process is usually aimed at combining these concepts in such a way as to evaluate or analyze alternative consequences.

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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"What gets measured gets done."

-- Peter Drucker, educator

ACIR
Advisory Council on Intergovernmental Relations
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