Log in or register. The Gilder Lehrman Institute of American History. Log in to favorite pages Share page Print page. The Patrons of Husbandry, or the Grange, was founded in 1867 to advance methods of agriculture, as well as to promote the social and economic needs of farmers in the United States.
Average Cost pricing: One possibility is that the government regulator might want to allow the firm to charge a slightly higher price, but make zero economic profit. This is accomplished when P = AC, an approach that is called Average Cost pricing.
BREAKING DOWN 'Average Price'. 1. In situations where there is a range of prices it can be useful to calculate the average price to simplify a range of numbers into a single value.For example, if over a four-month period you paid $104, $105, $110, and $115 for your utilities, the average price or cost of your monthly utilities would be $108.50. 2.or example, if over a four-month period you paid $104, $105, $110, and $115 for your utilities, the average price or cost of your monthly utilities would be $108.50.