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DISECONOMIES OF SCALE: Increasing long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a positively-sloped long-run average cost curve and typically occurs for relatively large levels of production. Diseconomies of scale overwhelm by economies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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AVERAGE TOTAL COST Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for slightly overweight pizza delivery guys.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Progress begins with the belief that what is necessary is possible. " -- Norman Cousins, editor, writer
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EFTS
Electronic Fund Transfer Systems
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