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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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MARSHALLIAN CROSS A diagram illustrating the market model, with price measured on the vertical axis and quantity measured on the horizontal axis, with the law of demand represented as a downward-sloping demand curve and the law of supply represented as an upward-sloping supply curve. The derivation of this name comes from the "Marshall" part of noted economist Alfred Marshall, and the intersection or "cross" of the demand and supply curves achieved at that market equilibrium.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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JV
Joint Venture
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