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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 11: Elasticity Basics | Unit 5: Market Elasticity
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Page: 23 of 25
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The four specific elasticity measurements that are most important for our study of the market are:- The price elasticity of demand.
- The percentage change in quantity demanded resulting from a percentage in price.
- The price elasticity of supply.
- The percentage change in quantity supplied resulting from a percentage in price.
- The income elasticity of demand.
- The percentage change in demand resulting from a percentage in income.
- The cross elasticity of demand.
- The percentage change in demand resulting from a percentage in the price of another good
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EFFICIENT INFORMATION SEARCH A comparison between the cost of acquiring information and the benefit generated by the information such that it is not possible to increase welfare or well being by acquiring any more of any less information. Efficient information search is achieved by equating the marginal cost of search with the benefit of search. This efficiency is comparable to the profit-maximizing decision by a producer and the utility-maximizing decision by a consumer.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for broken fingernail clippers.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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CME
Chicago Mercantile Exchange
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