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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.
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INDUCED CONSUMPTION Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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NYBID
New York Interbank Bid Rate
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