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N.G. Mankiw definition from the book Economics: Capital is the equipment and structures used to produce goods and services. Physical capital consists of man-made goods (or input into the process of production) that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital. [1]
The Green Book is a direct successor of the Manual of Symbols and Terminology for Physicochemical Quantities and Units, originally prepared for publication on behalf of IUPAC's Physical Chemistry Division by M. L. McGlashen in 1969. A full history of the Green Book's various editions is provided in the historical introduction to the third edition.
Description: A classic general textbook for an undergraduate course in physical chemistry Importance: This book is not only a good introduction to the subject, it was very different from earlier texts and altered the way physical chemistry was taught. The first edition was very widely used where English is the language of instruction.
In the following chapter Marx defines fixed capital and circulating capital. [4] In chapter 9 he claims: "We have here not alone quantitative but also qualitative difference." [5] Conventionally, (physical) capital assets held by a business for more than one year are regarded in annual accounting statements as "fixed", the rest as "circulating ...
Fixed costs are costs that relate to the fixed input, capital, or rK, where r is the rental cost of capital and K is the quantity of capital. Variable costs (VC) are the costs of the variable input, labor, or wL, where w is the wage rate and L is the amount of labor employed. Thus, VC = wL.
A chemical equation is the symbolic representation of a chemical reaction in the form of symbols and chemical formulas.The reactant entities are given on the left-hand side and the product entities are on the right-hand side with a plus sign between the entities in both the reactants and the products, and an arrow that points towards the products to show the direction of the reaction. [1]
It is only profitable for a firm to keep adding capital when the marginal revenue product of capital, MRP K (the change in total revenue, when there is a unit change of capital input, ∆TR/∆K) is higher than the marginal cost of capital, MC K (marginal cost of obtaining and utilizing a machine, for example).