|
|
HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, SHUTDOWN A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
Complete Entry | Visit the WEB*pedia |
|
|
PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
|
|
|
The average bank teller loses about $250 every year.
|
|
|
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
|
|
L/I
Letter of Intent
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
