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Homogeneity and heterogeneity; only ' b ' is homogeneous Homogeneity and heterogeneity are concepts relating to the uniformity of a substance, process or image.A homogeneous feature is uniform in composition or character (i.e. color, shape, size, weight, height, distribution, texture, language, income, disease, temperature, radioactivity, architectural design, etc.); one that is heterogeneous ...
Under this condition, even heterogeneous preferences can be represented by a single aggregate agent simply by summing over individual demand to market demand. However, some questions in economic theory cannot be accurately addressed without considering differences across agents, requiring a heterogeneous agent model.
Example: Agricultural products which have many buyers and sellers, selling homogeneous goods where the price is determined by the demand and supply of the market and not individual firms. In the short run, a firm in a perfectly competitive market may gain profits or loss, but in the long run, due to the entry and exit of new firms, price will ...
In consumer theory, a consumer's preferences are called homothetic if they can be represented by a utility function which is homogeneous of degree 1. [1]: 146 For example, in an economy with two goods ,, homothetic preferences can be represented by a utility function that has the following property: for every >:
Simple populations surveys may start from the idea that responses will be homogeneous across the whole of a population. Assessing the homogeneity of the population would involve looking to see whether the responses of certain identifiable subpopulations differ from those of others. For example, car-owners may differ from non-car-owners, or ...
CBS will carry the Lions vs. Bears game to kick-start the Thanksgiving Day slate. The game will kick off at 12:30 p.m. ET and will take place in Detroit, the home of the franchise that initiated ...
WASHINGTON (Reuters) -U.S. unit labor costs grew far less than initially thought in the third quarter, pointing to a still favorable inflation outlook even though price increases have not ...
Perfect and imperfect oligopolies are often distinguished by the nature of the goods firms produce or trade in. [8] A perfect (sometimes called a 'pure') oligopoly is where the commodities produced by the firms are homogenous (i.e., identical or materially the same in nature) and the elasticity of substitute commodities is near infinite. [9]