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Economics Lecture Eight (view source)

Revision as of 14:14, October 24, 2009

48 bytes added ,  14:14, October 24, 2009
→‎Medium: moving
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fixed inputs (inputs that cannot be increased in the short run to produce more Q)
 
fixed inputs (inputs that cannot be increased in the short run to produce more Q)
   −
returns to scale (increasing, decreasing or constant?  Look at whether output Q increases for increase in input I)
+
returns to scale (increasing, decreasing or constant?  Look at whether output Q increases for increase in input I) Note that "economies to scale" is the same as "increasing returns to scale."
    
income effect
 
income effect
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marginal product (increase in output due to additional input: Q = sum MP)
 
marginal product (increase in output due to additional input: Q = sum MP)
−
  −
barriers to entry
  −
  −
oligopoly
      
law of diminishing marginal return
 
law of diminishing marginal return
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