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Change in the price of a related good:Goods relate to each other in two ways. Goods are either complements or substitutes.Complementary goods are goods with joint demand. They are needed jointly before a want could be satisfied, e.g., camera and film. With complementary goods, a steep rise in the price of one will lead not only to a fall in its consumption but a fall in the consumption of the other good too. A fall in the price of one good would lead to an increase in the demand of the other. Substitute goods on the other hand, are goods that only one is needed to satisfy a want/need (not both). For substitutes, a fall in the price of one leads to a decrease in demand for the other and an increase in the price of one leads to an increase in the demand for the other, ceteris paribus.
Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled
What is the theory of second best? Prove the theorem with the help of diagram.
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
What barriers to economic growth can be explained using the Harrod-Domar model? Definition and outline of the Harrod-Domar model; growth in national income = savings ratio over
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how to find pareto efficient output using algebra
What is the difference between a change in demand and a change the quantity demanded? There is a distinction among demand and quantity demanded. Demand explains the behavior o
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What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
Business Meeting Etiquette: Before meetings, the correct way to arrange a meeting is to take an appointment 3 to 4 weeks before, even though it is known that generally gatherings w
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