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MARGINAL REVENUE PRODUCT CURVE: A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays in key role in the economic analysis of factor markets and the quantity of inputs employed.
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AUTONOMOUS CONSUMPTION Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for strangers with large satchels of used undergarments.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will. " -- Vince Lombardi
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EU
European Union
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