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In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges. If all the resources of the economy are put ...
The graph at the top of this article shows this trend holds true today. As of 2017, the commercially available processor possessing the highest number of transistors is the 48 core Centriq with over 18 billion transistors. [148] Density at minimum cost per transistor - This is the formulation given in Moore's 1965 paper. [1]
Thus, diminishing marginal returns imply increasing marginal costs and increasing average costs. Cost is measured in terms of opportunity cost. In this case the law also applies to societies – the opportunity cost of producing a single unit of a good generally increases as a society attempts to produce more of that good.
Van de Graaff generator. A Van de Graaff generator is an electrostatic generator which uses a moving belt to accumulate electric charge on a hollow metal globe on the top of an insulated column, creating very high electric potentials. It produces very high voltage direct current (DC) electricity at low current levels.
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to ...
Wagner's law, also known as the law of increasing [ a] state activity, [ 2] is the observation that public expenditure increases as national income rises. [ 3] It is named after the German economist Adolph Wagner (1835–1917), who first observed the effect in his own country and then for other countries. [ 4]
A demand curve is a graph depicting the inverse demand function, [ 1] a relationship between the price of a certain commodity (the y -axis) and the quantity of that commodity that is demanded at that price (the x -axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve ...
The Van 't Hoff equation relates the change in the equilibrium constant, Keq, of a chemical reaction to the change in temperature, T, given the standard enthalpy change, ΔrH⊖, for the process. The subscript means "reaction" and the superscript means "standard". It was proposed by Dutch chemist Jacobus Henricus van 't Hoff in 1884 in his book ...