Examlex
In 2014 the standard deduction for a married taxpayer filing a joint return and who is 67 years old with a spouse who is 65 years old is
Optimal Output
The level of production that generates the highest possible profit for a firm, taking into account costs and revenue.
Price to Clear
The market price at which the quantity supplied of a good matches the quantity demanded, leading to an equilibrium where there is no surplus or shortage.
Variable Costs
Costs that vary directly with the level of production or output, such as materials and labor.
Profit-maximizing Output
The production level where maximum profit is achieved by a company, when the marginal cost matches the marginal revenue.
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