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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who generally weighs benefits against costs, but the costs usually win. Family and friends realize that you carefully consider every expenditure that you make. Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for poorly written technical manuals. You should consider shopping at stores or businesses beginning with the letter J, but do not buy any products with a serial number or product code containing the number 507599. 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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CAUSE AND EFFECT The notion that every event in the universe is the direct result of a preceding event, that one event A causes another event B. The purpose of the scientific method is to identify these cause-and-effect relations. This pursuit is based on a simple point of view: everything happens for a reason. For every action there is a consequence. And for every consequence there is a cause.
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My Sales Pitch On ADVERTISINGOur extended sojourn through the winding complexities of the economy has worn the soles from my jogging shoes. For the best bargain on a new pair, let's consult those annoying flyers stuffed into the Sunday newspaper. We're in luck. The Mega-Mart Discount Warehouse Super Center is having their monthly "once in a lifetime" sale on jogging shoes. Without this Mega-Mart Discount Warehouse Super Center advertising supplement, I might have unknowingly paid a higher price for my brand new Fleet Feet Footwear jogging shoes. Isn't advertising wonderful?
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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EEH
Explorations in Economic History
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