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GOALS: Five basic conditions of the economy that are generally desired by society. They are typically divided into macro goals (full employment, stability and growth) and micro goals (efficiency and equity).

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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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