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MARGINAL COST AND MARGINAL PRODUCT: Because variable cost is largely associated with the cost of employing a variable input in the short run, it's possible to identify a connection between the marginal cost curve and the marginal product curve. In particular, the quantity of output in which marginal cost is at a minimum, is the same quantity of output produced by the variable input when the marginal product of the variable input is at a maximum. In addition, over the range of production in which the variable input experiences increasing marginal returns and marginal product increases, the marginal cost curve declines. And over the range of production in which the variable input experiences decreasing marginal returns brought on by the law of diminishing marginal returns and marginal product increases, the marginal cost curve is rising.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who always goes with function over form and substance over style. Family and friends never, never, never try to convince you of an alternative point of view, political or otherwise. Today, you are likely to spend a great deal of time at a flea market seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for high interest rates. You should consider shopping at stores or businesses beginning with the letter T, but do not buy any products with a serial number or product code containing the number 233669. 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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MARKET SHARE The fraction of an industry's total sales or some other activity accounted for by one or more firms in the industry. An individual firm is often concerned with its "share of the market" as an indication of "success." Market share is also key to the analysis of market structure, market control, and industry concentration--especially for oligopoly. It can be used to indicated the degree concentration and market control of one or more firms in an industry. It can be used alone or to calculate concentration ratios and the Herfindahl index.
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A Brief Introduction To Get You StartedThrough undaunted determination, sheer luck, or a missed turnpike exit, you have happened upon A Pedestrian's Guide to the Economy. You'll find hours of reading pleasure contained within this site, with more entertainment value per calorie than most office memos. A Pedestrian's Guide to the Economy, however, is more than a recreational web site. As a handy reference source, it provides answers to many of the most asked, a few of the least asked, and some of the never asked questions about the economy.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf, US Army general
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SCF
Survey of Consumer Finances
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