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Differentiate between real and nominal variables.
In economics, the distinction among nominal and real numbers is often made. Nominal variables -- like nominal wages, interest rates and gross domestic product (GDP) -- refer to amounts that are paid or earned in money terms. Real variables -- real wages, interest rates, and GDP -- are corrected for the effects of inflation. They show the value of these numbers in terms of the purchasing power of wages, interest, or total production.
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
Costs of Education The resources employed to produce a good or service measured in monetary terms is known as the ‘cost of the product’. If the measurement is per unit of serv
Demand for Risky Assets * Assets - Something which provides a flow of money or services to its owner. - The flow of money or services can be explicit or implicit . *
DISCUSS THE HICKSIAN & SLUTSKIAN APPROACH TO CONSUMER BEHAVIOR WHERE THERE IS CHANGE IN PRICE OF ONE GOOD GIVEN TWO GOODS
defination,characters,examples,graphs,share,effort
What are the main causes of unemployment? Two main paths are available; demand-deficient unemployment and real wage unemployment. After explaining unemployment (percentage o
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