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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 10: Utility and Demand | Unit 2: A Simple Choice Page: 5 of 21

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  • The question of the day is: How much, if any, time should I spend at the beach?

  • No Constraints

  • If the price of beach frolicking is zero or if have nothing better to do with my time and more than enough income to buy all of the beach frolicking that I want, the choice is relatively simple.

    • I achieve utility maximization by spending the number of hours at the beach that generates the highest level of utility. That number is 6 or 7 hours and the total utility generated is 42 utils.

    • Spending any more or less time generates less total utility.

    • Even though I can afford to spend all day at the beach (8 hours), I won't. The total utility of 8 hours is less than that for 6 or 7 hours.

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PARTNERSHIP

A business that is owned and operated by two or more people. The owners and the business are legally considered one and the same. As such, the owners receive any and all profit, incur any and all loss, and are responsible for any and all debts including those made by a partner. This creates what is termed unlimited liability. In that each partner is responsible for the actions of the others, partnerships tend to be relatively small, with only a handful of people involved. A partnership is one of the three basic forms of business organization. The other two are proprietorship and corporation. This form of business is common for professional-types, like lawyers, accountants, dentists, and physicians.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for infected paper cuts.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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