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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.
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Lesson 3: Scarcity | Unit 4: College Cost
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Page: 13 of 17
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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.- Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
- What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
- Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
- Opportunity cost results from giving up something.
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MARGINAL FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for telephone calls from long-lost relatives.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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