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BUYERS' INCOME, DEMAND DETERMINANT: The income that buyers have available to purchase a good, which is assumed constant when a demand curve is constructed. Buyers' income is one of five demand determinants that shift the demand curve when they change. The other four are buyers' preferences, other prices, buyers' expectations, and number of buyers.
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RETURNS TO SCALE Changes in production the occur when all resources are proportionately changed in the long run. Returns to scale come in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. Returns to scale are the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for defective microphones.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Never let the fear of striking out get in your way. " -- Babe Ruth
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JET
Journal of Economic Theory
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