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LOSS MINIMIZATION RULE: A rule stating that firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. In the short run, a firm incurs total fixed cost whether or not it produces any output. As such, if the market price is falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).
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PRODUCTION TECHNOLOGY, SUPPLY DETERMINANT The knowledge and information that suppliers have about production (that is, production techniques or the way inputs are combined to produce outputs) which are assumed constant when a supply curve is constructed. Production technology is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, other prices, sellers' expectations, and number of sellers.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for malfunctioning pocket calculators.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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ICSID
International Center for the Settlement of Investment Disputes
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