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DECREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. Compare this with increasing marginal returns. You should also compare this with diseconomies of scale associated with long-run production.

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Lesson 12: Business Cycles | Unit 5: Policies Page: 23 of 26

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Stabilization policies try to avoid or correct the problems caused by business cycle instability.
  • The two most popular are fiscal policy and monetary policy.
  • Do nothing 'nonpolicies' might be best in some cases, but are seldom used because people often demand immediate solutions to problems.
  • Business cycle instability is indicated by the red line rising above and falling below the long-run trend line.
  • The flatter, smoother line is the goal of stabilization policy, to limit business cycle instability.
  • Stabilization policies can be either expansionary or contractionary.

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DERIVATION, PRODUCTION POSSIBILITIES CURVE

A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for crowded shopping malls.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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