What is economics, What is Economics?  Economics is explained as the s...

What is Economics?  Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h

Microeconomics, Which of the following statements is correct? a. Consumers ...

Which of the following statements is correct? a. Consumers have the ability to buy everything they desire. b. A consumer''s budget line shows the limits to what a consumer can buy.

Elasticity, Five uses of elasticity on the Public Sector and five uses of e...

Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.

Types of unemployment, Question 1: a) Describe the different types of u...

Question 1: a) Describe the different types of unemployment that exist. b) Critically examine how monetary policy will be used to deal with inflation. c) Critically deter

Demand curve for a consumer for coffee, Suppose the demand curve for a cons...

Suppose the demand curve for a consumer for coffee is: Q = 6 – 2P, where Q represents the number of cups per day and P is the price of coffee per cup.   Question: Suppose the

Cross Price elasticity,

What are the properties of cost function, What are the properties of cost f...

What are the properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa

Competitive equilibrium, Let Consider the following insurance market. There...

Let Consider the following insurance market. There are two states of the world, B and G , and two types of consumers, H and L, who have probabilities p H =0.5 and p L

Complementary slackness condition, Consider the following linear program in...

Consider the following linear program in primal form and develop the dual formulation in a detailed manner. Use matrix notation in developing the dual. Clearly express all the dual

Budget Line, if coast of good A fall by Rs.1 & coast of good B increases by...

if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line