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A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.

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Lesson 21: Factor Demand | Unit 2: Derived Demand Page: 9 of 24

Topic: Marginal Productivity Theory <=PAGE BACK | PAGE NEXT=>

  • The marginal productivity theory.

  • Marginal productivity theory states that the demand for a resource or factor of production is based on the marginal (physical) product of the resource input and the marginal revenue of the output produced.
  • A definition...again:

  • Factor demand depends on the quantity output an input can produce and the value of that output.
  • In particular, factor demand depends on two marginals:

    • The productivity of the factor.
    • The revenue generated from production.


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SAVING LINE

A graphical depiction of the relation between household sector saving and income. The saving line is closely related to the consumption line that forms one of the key building blocks for Keynesian economics. A saving line is characterized by vertical intercept, which indicates autonomous saving, and slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving line.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for celebrities who speak directly to you through your television.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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