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TOTAL PRODUCT CURVE: A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input like labor, while we hold one or more other inputs, like capital, fixed. A more general mathematical concept capturing the relation between total product and it's assorted inputs, both variable and fixed, can be found in production function.

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AGGREGATE SUPPLY SHIFTS

Changes in the aggregate supply determinants shift both the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. There are two options--an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource price shifts one or both of the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource price shifts one or both of the aggregate supply curves to left.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for defective microphones.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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