March 19, 2018 

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SLOPE, SAVING LINE: The positive slope of the saving line is also termed the marginal propensity to save (MPS). This slope is greater than zero but less than one, reflecting induced saving and the Keynesian psychological law of consumer behavior that saving increases by less than the increase in income. The slope of the saving line provides the foundation for the slope of the leakages line used in the injections-leakages model. It thus also affects the magnitude of the multiplier process.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 13 of 17

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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.
  • Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
  • What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
  • Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
  • Opportunity cost results from giving up something.

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A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for jovial bank tellers.
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A half gallon milk jug holds about $50 in pennies.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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