
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.
Visit the GLOSS*arama




AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
Complete Entry  Visit the WEB*pedia 


YELLOW CHIPPEROON [What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30mile radius hoping to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for broken fingernail clippers. Your Complete Scope
This isn't me! What am I?


Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.


"The time to repair the roof is when the sun is shining."  John F. Kennedy, 35th U. S. president


NYBID New York Interbank Bid Rate


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

