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DETERMINANT: A ceteris paribus factor that is held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve (income, preferences, other prices, buyers' expectations, and number of buyers) and supply determinants for the supply curve (resource prices, technology, other prices, buyers' expectations, and number of buyers). Other common curves and their determinants include: production possibilities curve (technology, education and the quantities of labor, capital, land, and entrepreneurship); aggregate demand curve (the four aggregate expenditures of consumption, investment, government purchases, and net exports); and short-run average cost curve (technology, wages, and other production cost).
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 8 of 24
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Topic:
Herfindahl Index
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- Sometimes economists prefer a more sophisticated measure of concentration. That measure is the Herfindahl index.
- The Herfindahl index is a measure of concentration of production or sales activity in an industry that's calculated as the sum of the squares of market shares for each firm.
- One key difference with concentration ratios is that the Herfindahl index squares market shares before adding them together, whereas concentration ratios add the adjusted market shares.
- Like concentration ratios, the Herfindahl index ranges for a low, indicating perfect competition, to a high indicating monopoly.
- The specific range is 0 (perfect competition) to 10,000 (monopoly).
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VERY LONG RUN, MICROECONOMICS A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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ANOVA
Analysis of Variance
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