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NET EARNINGS: A common term for profit, as the difference between total revenue and total cost. When used in the real world of business wheeling and dealing, this notion of net income generally refers to accounting profit rather than economic profit. The "net" aspect of net earnings indicates that some (that something being cost) is deducted from total or "gross" earnings. Other common terms used in this same context are net revenue and net income.
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MARGINAL COST AND LAW OF DIMINISHING MARGINAL RETURNS Decreasing then increasing marginal cost, reflected by a U-shaped marginal cost curve, is the result of increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of short-run production. This translates into a positively-sloped supply curve for profit-maximizing competitive firms.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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SEC
Securities and Exchange Commision
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