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September 21, 2026 

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LONG-RUN AVERAGE COST: The per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).

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ORANGE REBELOON
Your compete MICRO*scope for today

You are the type of person who thinks paying full price for brand new products is nothing short of insanity. Family and friends do not invite you to parties and get togethers due to constant bickering with other guests. Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for fairy dust that tastes like salt. You should consider shopping at stores or businesses beginning with the letter M, but do not buy any products with a serial number or product code containing the number 250587. Your preferred shopping venue is flea markets. Your special symbol is the backslash (\).


Is this You?

As an Orange Rebeloon, you are very much the rebel and the contrarian. It is your nature to go against the grain. When everyone else is buying, you sell. When everyone else is selling, you buy. You go against the trends. You disdain fashion. If it's hot, you're not. You would march to your own drummer and dance to your own tune, if doing so wasn't so trite and conventional.


This isn't me! What am I?
PRODUCTION POSSIBILITIES SCHEDULE

A table of numbers that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities schedule illustrates that the economy must give up the production of one good to produce another good--the basic economic notion of opportunity cost. A production possibilities schedule is also used to derive the highly useful production possibilities curve (or frontier).

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A Perfect Picture Of PROFIT

Good news! Manny Mustard, my long-time friend and proprietor of Manny Mustard's House of Sandwiches is having a special on his Deluxe Club Sandwich. Let's drop in for a brief respite -- and lunch. More good news! Manny is bubbling profusely about the vitality of his business. Last month he turned a profit. Yes, that much cherished profit, the goal of business firms, be they large or small. Upon closer inspection Manny's profit calculation might be suffering from an oversight or two. It seems as though Manny neglected to pay himself a wage. Nor did he bother to include any interest expense on the savings he invested in his House of Sandwiches venture. But what the heck, he earned a profit -- didn't he?
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APLS

Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

JPAM
Journal of Policy Analysis and Management
A PEDestrian's Guide
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