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For example, individual demand can be aggregated to market demand if and only if individual preferences are of the Gorman polar form (or equivalently satisfy linear and parallel Engel curves). Under this condition, even heterogeneous preferences can be represented by a single aggregate agent simply by summing over individual demand to market ...
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices.
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 ...
Economists use the term representative agent to refer to the typical decision-maker of a certain type (for example, the typical consumer, or the typical firm).. More technically, an economic model is said to have a representative agent if all agents of the same type are identical.
Reza Valizadeh was arrested in Tehran in September, a source close to his family told his former employer Radio Farda, the Iranian branch of the US-funded Radio Free Europe/Radio Liberty (RFE/RL).
Homogeneity can be studied to several degrees of complexity. For example, considerations of homoscedasticity examine how much the variability of data-values changes throughout a dataset. However, questions of homogeneity apply to all aspects of the statistical distributions, including the location parameter
Training wheels of justice! A quick-thinking Colorado cop commandeered a child’s bike to chase down and nab a fleeing suspected felon, footage of the hot pursuit shows.
President-elect Donald Trump won across the map — improving on Republican margins nearly everywhere and delivering on his promises to win over more non-White voters on his way to defeating Vice ...