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BY-PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.
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PERFECT COMPETITION, REVENUE DIVISION The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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APR
Annual Percentage Rate
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