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October 15, 2018 

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HOMOGENEOUS OF DEGREE N: 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 n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.

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CAPITAL DEPRECIATION: The wearing out, breaking down, or technological obsolescence of physical capital that results from use in the production of goods and services. To paraphrase an old saying, "You can't make a car without breaking a few socket wrenches." In other words, when capital is used over and over again to produce goods and services, it wears down from such use.

     See also | capital consumption adjustment | net national product | national income | personal income | disposable income | gross national product | real gross domestic product | net domestic product | gross domestic product | production | gross private domestic investment | net private domestic investment | capital | investment | investment expenditures | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research | macroeconomic problems | macroeconomic theories | macroeconomic sectors | circular flow | business cycles | stabilization policies | gross domestic product, ins and outs | gross domestic product, expenditures | gross domestic product, income | net foreign factor income |


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CAPITAL DEPRECIATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 15, 2018].


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AVERAGE REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.

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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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