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TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit.
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ENDPOINT ELASTICITY FORMULA A simple technique for calculating the coefficient of elasticity by estimating the elasticity for discrete changes in two variables using the initial values of each. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. An alternative technique is the midpoint elasticity formula.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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JLEO
Journal of Law, Economics and Organization
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