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would a rational producer be concerned with the average or marginal product of an input in dec
regis is hungry for a snack. Here is the value he place on a cupcake: value of the first cupcake$5, value of the second cupcake $4, value of the third cupcake $3, and the value of
2ALBr3+3K2so4--->6KBr+1Al2(so4)3
The Effect of Effluent Fees on the Firms' Input Choices * Firms which have a by-product to production produce an effluent. * An effluent fee is a per unit fee which firms
Gibb''s energy In every chemical system, the substance moves in a direction in which there is a decrease in free energy, for example i.e. ?G is negative. G = H - TS where, G is
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
Q. What is Gini Coefficient? Gini Coefficient: A statistical measure of inequality. A Gini score of 0 signifies perfect equality (in which each individual receives the same inc
Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W
Transfer Payments: Governments typically redistribute a share of tax revenues back to specified groups of individuals in form of several social programs (like welfare benefits, pub
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