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PLANNING HORIZON: Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon because it provides information a firm can use to plan factory construction and expansion in the long run.
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AVERAGE VARIABLE COST Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for telephone calls from former employers.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Whenever you see a successful business, someone once made a courageous decision." -- Peter F. Drucker, business strategist
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IV
Instrumental Variables
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