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TOTAL PRODUCT CURVE: A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input like labor, while we hold one or more other inputs, like capital, fixed. A more general mathematical concept capturing the relation between total product and it's assorted inputs, both variable and fixed, can be found in production function.
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MINIMUM EFFICIENT SCALE The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale achieves production of a good at the lowest possible opportunity cost. In other words, it is not possible to produced a good at any lower cost than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a half-dozen helium filled balloons or a packet of address labels large enough for addresses of both the sender and the recipient. Be on the lookout for broken fingernail clippers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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WE
Walrasian Equilibrium
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