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A curve connecting the tangency points is called the expansion path because it shows how the input usages expand as the chosen level of output expands. In economics , an expansion path (also called a scale line [ 1 ] ) is a path connecting optimal input combinations as the scale of production expands. [ 2 ]
A range of periods rather than one fixed period is needed to capture business cycle fluctuations, which may be done by using a random or irregular source as in an econometric or statistical framework. The Kuznets infrastructural investment cycle of 15 to 25 years (after Simon Kuznets – also called "building cycle")
Shortly after, Mason Haire was among the initial researchers [13] who suggested that organisations may adhere to a certain path of uniformity in their course of expansion. [14] Subsequently, research has been done on the organizational life cycle for more than 120 years [10] and can be found in various literature on organizations. [15]
The main reason for the increasing returns to scale is the increase in production efficiency due to the expansion of the firm's production scale. A firm's production function could exhibit different types of returns to scale in different ranges of output.
The line connecting all points of tangency between the indifference curve and the budget constraint as the budget constraint changes is called the expansion path, [11] and correlates to shifts in demand. The line connecting all points of tangency between the indifference curve and budget constraint as the price of either good changes is the ...
An economic expansion is an upturn in the level of economic activity and of the goods and services available. It is a finite period of growth, often measured by a rise in real GDP , that marks a reversal from a previous period, for example, while recovering from a recession .
In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
We can infer several regularities by eyeballing the data, sometimes called stylized facts. One is persistence. For example, if we take any point in the series above the trend (the x-axis in Figure 3), the probability the next period is still above the trend is very high. However, this persistence wears out over time.