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B: The common notation for the "slope" term of an equation specified as Y = a + bX. Mathematically, the b-slope term indicates the change in the value of the Y variable resulting from a unit change in the value of the X variable. Theoretically, the b-slope is frequently used to indicate endogenous or dependent relation between the Y and X variables. For example, if Y represents consumption and X represents national income, b measures induced consumption expenditures.
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Lesson 22: Factor Supply | Unit 4: Determinants
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Page: 18 of 25
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Topic:
The Old Standards
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- Price is not the only influence on quantity supplied. These are ceteris paribus factor supply determinants:
- Factor supply determinants are any influences, other than factor price, assumed constant when a factor supply curve is constructed that shift the factor supply curve when they change.
- Supply Determinants:
- Resource Prices
- Technology
- Other Prices
- Expectations
- Number of Sellers
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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AFBD
Association of Futures Brokers and Dealers (UK)
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