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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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ORANGE REBELOON
Your compete MICRO*scope for today
You are the type of person who would have the word "antiestablishment" tattooed on your backside if getting tatoos on backsides wasn't such a fashion trend. Family and friends inevitably track you down when they are in a bad mood and looking for an argument. Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity. You should consider shopping at stores or businesses beginning with the letter E, but do not buy any products with a serial number or product code containing the number 077185. 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?
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TAX WEDGE The difference between demand price and supply price that is created when a tax is imposed on a market. Placing a tax on a market disrupts what otherwise would be an equilibrium equality between demand price and supply price. A tax wedge results because the tax is included in the demand price paid by buyers but not in the supply price received by sellers. With standard demand (negative slope) and supply (positive slope) curves, the incidence of the tax (who pays) is divided between buyers and sellers.
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Charging Up Your CREDIT CARDS (aka Plastic Money)Here's the scene: You've made your monthly stop (for the second time this week) at the Mega-Mart Discount Warehouse Super Center for a few essentials -- cashews, soap, licorice, garden hose, peanut clusters, color television, and a large inner tube for whitewater rafting. Do you pay with a check or whip out your Interstate OmniBank Platinum Diamond Express credit card? Credit card? Good choice. You don't actually have to PAY for the stuff that you're buying -- at least not right away. Your bank account is safe.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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W
Wage
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