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AGGREGATE EXPENDITURES LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 20 of 25

Topic: Decreasing Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Decreasing returns to scale:

  • Decreasing returns to scale result when a given proportional increase in all inputs results in a less than proportional increase in production.
  • Two notable reasons why long-run production experiences decreasing returns to scale:

    • Management Control

    • Fixed External Inputs

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INFERIOR GOOD

A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.

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