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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
Q. What is Monetarism? Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be co
derivation of demand funcation using indifferance curv ordelreay and competed demand curv
why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
what is tariff and qouta
With the aid of a diagram explain the long run average cost curve and the influences upon it.
Economic Reforms and Industrial Growth Economic reforms were mainly intended to remove obstacles so that investment in industry may be accelerated. With this end in view, indu
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.
What are constant returns to scale? Constant returns to scale: A constant return to scale (CRS) implies that doubling inputs precisely double outputs, which is frequently a
What is the marginal opportunity producing the first unit of paper? The marginal opportunity cost of producing the forth unit of paper?
what is ratios GNP? what is use of models in macroeconomics?
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