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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.
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AVERAGE REVENUE AND MARGINAL REVENUE A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for slow moving vehicles with darkened windows.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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MSE
Mean Square Error
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