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RATIONAL ABSTENTION: The decision not to do something because the cost of doing it is more than the expected benefit. While this is a common part of everyday life, it's particularly important for voting. During a given election, a number of potential voters are likely to chose NOT to vote because they expect to get little or no benefit from doing so.
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Lesson 14: Production | Unit 4: Long-Run Production
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Page: 22 of 25
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In this unit, you should have learned about:- The long run as the planning period in which all inputs, especially capital, are variable.
- How the long-run production is guided by returns to scale rather than the law of diminishing marginal returns.
- The three types of returns to scale -- increasing, decreasing, and constant.
- Why increasing returns to scale result from resource specialization, support activities, and the relation between volume and area.
- Why decreasing returns to scale result from management control and fixed external inputs.
- How constant returns to scale is the balance between increasing returns to scale and decreasing returns to scale, which gives rise to the minimum efficient scale.
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AUTONOMOUS CONSUMPTION Household consumption expenditures that do 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 consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for malfunctioning pocket calculators.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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FCLT
Functional Central Limit Theorem
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