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duality was used in comparative static approach in assessing the direction of change on economic variables . Why do we need duality and under what condition may duality can''t be u
Relation between TP and MP: Graphically, given the total product curve, MP is the slope of the tangent at any point on the TP curve. This is shown in Figure. See that
What is the mathematical definition of price elasticity of demand The price elasticity of demand is the percentage alters in quantity demanded divided by the percentage change
Surplus The surplus is a condition under that supply for a good or service is in excess of the demand for that good or service. When this happens, there is commonly a reduction
introduction of production
Mikes' preferences for consumption and leisure may be represented by the Utility function: u(C, L) = ( C-200)*(L-80) . His marginal utilities of leisure and consumption are (C-200
HOW DO YOU ADJUST FISCAL POLICY FOR INTERNAL BALANCE
Problem 1: How can a manager of a supermarket maximise total revenue using various concepts of elasticity of demand? Use examples to illustrate. Problem 2: What are the
Look at a recent copy of a newspaper . a. What is the top economic news story? With which of the big questions does it deal? (It must deal with at least one of them and might d
If the average variable cost curve is horizontal, what is the shape of the short-run marginal cost curve? What shape would the short-run average cost curve be?
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