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MARGINAL PROPENSITY TO CONSUME: The proportion of each additional dollar of household income that is used for consumption expenditures. Or alternatively, this is the change in consumption expenditures due to a change in disposable income. Abbreviated MPC, the marginal propensity to consume is the slope of the consumption or propensity-to-consume line that forms the foundation for Keynesian economics. As such, it also takes center stage for the slope of the aggregate expenditure line and the multiplier effect. The sum of the marginal propensity to consume and the related concept, the marginal propensity to save, is equal to one.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 21 of 25

Topic: Constant Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Constant returns to scale:

  • Constant returns to scale result when a given proportional increase in all inputs results in a proportional increase in production.
  • The scale of production in which increasing returns to scale are balanced by decreasing returns to scale is termed the minimum efficient scale.

  • It is the production scale in which a firm is taking greatest advantage of increasing returns without overly suffering from decreasing returns.

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VALUE IN USE

The satisfaction of wants and needs provided by the direct consumption of goods and services. Acquiring value from the use of goods and services is really the ultimate goal of economic activity. It is the final step in the production, allocation, and consumption activities that are undertaken to address the fundamental problem of scarcity. Value in use should be contrasted with the similar phrase, value in exchange.

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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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