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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.
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Lesson 5: Demand | Unit 3: Demand Curve
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Page: 12 of 20
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- How a demand schedule, which is a table of price/quantity numbers, can be used to illustrate demand and the law of demand.
- How a demand curve can be derived from a demand schedule by plotting the price/quantity pairs, and how the negative slope of this demand curve also reflects the law of demand.
- Demand space as the area beneath a demand curve and that the demand price on the demand curve is the upper limit of buyers' demand space.
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VERIFICATION The hypothesis-testing step of the scientific method in which the hypothesized implication of a theory is compared against real world events and data. This verification can provide support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis. In either event, further analysis is indicated.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for telephone calls from long-lost relatives.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"What gets measured gets done." -- Peter Drucker, educator
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CEX
Consumer Expenditure Survey (US)
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