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Perfect competition:
The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situations. The closer examples are found mostly in agriculture and extractive industries. Nevertheless, the model of perfect competition provides a standard with which the actual performances of firms in certain segments of our economy can be compared.
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
income=100 price of x=5 price of x2=10 find consumer equilibrium with diagram
why can methane not be prepared by this reaction
The demand curve for oranges is given by the equation P = 5 - Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars per o
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
Wealth: This is a stock of accumulated purchasing power stored up from the past. For example, if you have a fat savings account accumulated from your past earnings, your curre
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
characteristics and models of oligopoly by Sweezy,cournot and edgework
Two people are engaged in a joint project. If each person i puts in the effort xi, the outcome of the project is worth f(x1, x2). Each person’s effort level xi is a number between
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
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