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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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FINANCIAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in financial wealth causes an increase (upward shift) of the aggregate expenditures line. A decrease in financial wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for telephone calls from former employers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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GEB
Games and Economic Behavior
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