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HOMOGENEOUS OF DEGREE ZERO: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of 0. In other words, for any changes in the independent variables, the dependent variable does not change. This is a special type of homogeneous equation.
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Lesson 21: Factor Demand | Unit 4: Determinants
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Page: 21 of 24
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In this unit, you should have learned about:- How and why factor demand determinants shift the factor demand curve.
- The three main factor demand determinants -- product demand, factor productivity, and other prices.
- That an increase in factor demand is a rightward shift of the factor demand curve and that a decrease in factor demand is a leftward shift of the factor demand curve.
- How the product demand determinant is reflected by the product price and how changes in product price cause the factor demand curve to shift.
- How the factor productivity determinant is includes changes in technology and education and is reflected by marginal physical product and how changes in factor productivity cause the factor demand curve to shift.
- How the other prices determinant captures both substitute and complement relations between factors and how changes in other prices cause the factor demand curve to shift.
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AVERAGE-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for malfunctioning pocket calculators.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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OCC
Office of the Comptroller of the Currency
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