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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.

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Lesson 5: Demand | Unit 4: Determinants Page: 16 of 20

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The five determinants that cause the demand curve to shift are:
  • Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
  • Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
  • Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
  • Expectations: Buyers' current demand depends on expectations of future prices.
  • Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for deranged pelicans.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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