|
|
TOTAL PRODUCT CURVE: A curve that graphically represents the relation between total production by a firm in the short run and the quantity of a variable input added to a fixed input. When constructing this curve, it is assumed that total product changes from changes in the quantity of a variable input like labor, while we hold one or more other inputs, like capital, fixed. A more general mathematical concept capturing the relation between total product and it's assorted inputs, both variable and fixed, can be found in production function.
Visit the GLOSS*arama
|
|
|
|
|
SLOPE, GOVERNMENT PURCHASES LINE The positive slope of the government purchases line is also termed the marginal propensity for government purchases (MPG). This slope is greater than zero but less than one, reflecting induced government purchases. The slope of the government purchases line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
Complete Entry | Visit the WEB*pedia |
|
|
|
The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
|
|
|
"One person with a belief is equal to a force of ninety-nine with only interests." -- John Stuart Mill
|
|
AP
Average Product
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
