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TOTAL COST AND MARGINAL COST: A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. If the total cost curve has a positive slope (that is, is upward sloping), then marginal cost is positive. Moreover, if the total cost curve has a positive and increasingly steeper slope, then the marginal cost is positive and rising. If the total cost curve has a positive and decreasingly steeper slope, then the marginal cost is positive but falling.
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SUPPLY DETERMINANTS Five ceteris paribus factors that affect supply, but which are assumed constant when a supply curve is constructed. They are resource prices, production technology, other prices, sellers' expectations, and number of sellers. Changes in the supply determinants cause shifts of the supply curve and disruptions of the market.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at an auction wanting to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for attractive cable television service repair people.
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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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"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. " -- Mary Kay Ash, May Kay Cosmetics founder
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AS-AD
Aggregate Supply-Aggregate Demand Model
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