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Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
Derivation of compensated demand curve: Hicksian compensated demand function for x 1 is given by x 1 =x 1 (p 1 , p 2 , U), where Hicksian compensated demand curve for a good
about the price determination with the held of diagramatic explanation numerical explanation related to the concept
i''m">http://papers.xtremepapers.com/CIE/Cambridge%20International%20A%20and%20AS%20Level/Economics%20%289708%29/9708_w07_qp_1.pdf i''m finding question 13 difficult to comprehen
How has the Haberler''s theory of opportunity cost an improvement over the classical theory of trade
not that long ago we experienced the excitement of thinking we would have cheaper online books and free music. these visions that we had of a free market utopia that blinded us to
criticism of cournot model
Another school of thought developed what is called loanable funds theory of interest. Among the principle economists who contributed to the development of loanable funds theory men
An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
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