
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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RETURNS TO SCALE: Changes in production the occurs when all resources are proportionately increased in the long run. Returns to scale answers the question: If labor, capital, and ALL other inputs increase by 10%, does output increase by more than 10%, less than 10%, or exactly 10%? These answers indicate that returns to scale can take one of three forms: increasing returns to scale, decreasing returns to scale, and constant returns to scale. See also  increasing returns to scale  decreasing returns to scale  constant returns to scale  economies of scale  diseconomies of scale  minimum efficient scale  resources  long run  Recommended Citation:RETURNS TO SCALE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 20002022. [Accessed: August 9, 2022]. AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: returns to scale
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BANK RUN A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economywide bank panics and businesscycle contractions.
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BEIGE MUNDORTLE [What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30mile radius wanting to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for bottles of barbeque sauce that act TOO innocent. 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.


"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth ‚ and his humanity. "  Peter Drucker, author


LTFV Less Than Fair Value


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