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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.
Visit the GLOSS*arama
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who doesn't place a particularly high value on frivolous things, like matching socks. Family and friends have given up asking you out for lunch because you never pick up the check. Today, you are likely to spend a great deal of time at a garage sale hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf. You should consider shopping at stores or businesses beginning with the letter I, but do not buy any products with a serial number or product code containing the number 437730. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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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.
Complete Entry | Visit the WEB*pedia |
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Some Prime Stuff On INTEREST RATESOne unexpected benefit from our foot-paced view of the economy is loose change. Keeping our eyes to the ground has uncovered a nickel here, a quarter there, and an occasional dollar bill. My total is up to $137.65, an amount that I'm reluctant to keep on my person. Fortunately Interstate OmniBank has a branch very close the Dr. Nova Cain's dental office. I can deposit my booty into a safe, secure savings account under the watchful eyes of Interstate OmniBank employees, to be withdrawn if needed at a later date. Not only will Interstate OmniBank keep my $137.65 safe and secure, they'll also pay me an interest. That's I deal I just can't pass up.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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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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LIFO
Last In First Out
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