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Consumer Surplus
-Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid.
The stepladder demand curve is converted into a straight line demand curve by making the units of good smaller. Combining consumer surplus with aggregate profits which producers obtain we can evaluate:
1) Benefits and Costs of different market structures
2) Public policies which changes the behavior of consumers and firms
Official Reserve Account: This part of the balance of payments informs us about how the balance of both current and capital accounts taken together is settled.Transaction in thi
Ask questi‘Social welfare functions embody a normative conception of the relative importance of equity and efficiency’. With the aid of diagrams, illustrate and explain this propos
Utility-Expenditure Duality: Consider the minimisation of the expenditures necessary to achieve a specified utility level. The solution for qi yields the compensated demand f
True public goods are those goods which can't be provided to one group of consumers, without being provided to any other consumers who desire them. Thus they are "non-excludable."
Describe what the price elasticity of demand is and why it is of interest in examining markets. Might it be beneficial in the airline industry? Why?
defin giffen goods?
Non-Accelerating-Inflation Rate of Unemployment (NAIRU): This theory is a variant of neoclassical natural rate of unemployment. As in original natural rate theory, NAIRU advocates
Relation between TP and MP: Graphically, given the total product curve, MP is the slope of the tangent at any point on the TP curve. This is shown in Figure. See that
Let''s assume that a monopolist decides to maximize revenue, rather than profit. How does this operating objective change the size of the deadweight loss?
Explain how Keynesian economics views the role of markets and government intervention in fighting business cycles. Keynesian economics believes markets frequently fail and gov
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