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TOTAL COST: The opportunity cost incurred by all of the factors of production used by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Total cost is most important in the analysis a firm's short-run production decision and is frequently separated into total variable cost and total fixed. cost.
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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, 2000-2023. [Accessed: February 9, 2023].
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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DJ
Dow Jones
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