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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
Demand Curve The demand curve is a graph which presents the amount of a good that consumers are willing and able to buy at various prices. A normal demand curve is downward slo
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
if tc is 200 what will be marginal cost?
Mathematical Presentation of Utility maximisation: Consumer's objective is to maximise her utility by solving UMP. To solve UMP, we set the Lagrange function of the correspond
1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current
what is the second best?prove the theorem with the help of a diagram?
Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are given as follow
1. The total demand (marginal benefit) curve for visiting the Great Barrier Reef is as follows: Price = 5000+100*Fish Biomass (tons per square mile) -10*Number of Trips. a. Do
Fixed costs are those which are independent of output that is they do not change with changes in output. These costs are a fixed amount which must be incurred by a firm in the shor
What factors shift the Aggregate demand curve to right and what factors shift the AD curve to left? AD shifts to the right when any component of AD enhances autonomously; e.g
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