|
|
TOTAL PRODUCT AND MARGINAL PRODUCT: A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero. Moreover, if the total product curve has a positive and increasingly steeper slope, then the marginal product is positive and rising. If the total product curve has a positive and decreasingly steeper slope, then the marginal product is positive but falling.
Visit the GLOSS*arama
|
|

|
|
|
LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
Complete Entry | Visit the WEB*pedia |


|
|
|
Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
|
|
|
"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
|
|
ME Montreal Exchange
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|