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TOTAL REVENUE CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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BVAR
Bayesian VAR (Vector Autoregression)
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