
LONGRUN MARGINAL COST: The change in the longrun total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, longrun marginal cost is the increment in the corresponding total. What's most notable about longrun marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that longrun marginal cost is the result of changes in the cost of all inputs.
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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. See also  homogeneous  production function  independent variable  dependent variable  constant returns to scale  increasing returns to scale  decreasing returns to scale  homogeneous of degree one  homogeneous of degree zero  economies of scale  Recommended Citation:HOMOGENEOUS OF DEGREE N, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 20002018. [Accessed: January 20, 2018].
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INEFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.
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ORANGE REBELOON [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 pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service. Your Complete Scope
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.


"Act well at the moment, and you have performed a good action for all eternity."  Johann Kaspar Lavater


ARCH Autoregressive Conditional Heteroskedasticity


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