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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 12 of 17

Topic: Out of Pocket <=PAGE BACK | PAGE NEXT=>

An example of the opportunity cost of attending college.
  • Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
  • The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
  • The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:
  • By attending school you have foregone alternative activities like working.
  • Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
  • Implicit opportunity costs need not have a dollar value attached.
  • The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.

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SELF CORRECTION, INFLATIONARY GAP

The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for infected paper cuts.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate."

-- John Glenn, astronaut, U.S. senator

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