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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 21: Factor Demand | Unit 3: The Curve Page: 12 of 24

Topic: Marginal Revenue Product Schedule <=PAGE BACK | PAGE NEXT=>

  • The factor demand schedule of an hypothetical firm:

  • Deriving the marginal revenue is relatively straightforward, under the right assumptions:

  • Let's assume that the firm sells its product in a perfectly competitive market.

  • Under this assumption, marginal revenue is equal to price for each and every quantity of output produced.

  • Deriving marginal revenue product under this assumption involves little more than multiplying this $2 price by the marginal physical product values in the third column.


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KEYNESIAN MODEL

A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for deranged pelicans.
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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.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

CRS
Constant Returns to Scale
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