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Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure.
Surplus, Economic: For the economy as a whole, surplus equals the amount of production over and above what is essential for the reproduction of existing economic system (including essential consumption required to reproduce population, and depreciation on existing stock of capital). An economy's aggregate surplus can be consumed (to allow for a standard of consumption higher than mere subsistence, or to finance wasteful projects such as wars or monument-building) or re-invested to expand future production.
Suppose that the price of schooling is $20 per year of schooling and it suddenly rises to $40. Compute the point price elasticity of demand at the initial price level and at the fi
discuss how economic theory explains the optimum pattern of consumption of an individual consumer
under which market structure does the banking sector fall?
for the total product curve why is it when you reach at maximum adding more input leads to decline in output?
Why is it considered well to bring all BOP's to zero? If BOP of any country is zero, it reflects that the present account of that country has sufficient balance to meet the n
regression line drawn as Y=c+1075x, when x was 2 and y was 239, given that y intercept was 11. calculate the residual
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
In fall 2006, Pace University raised its annual tuition from $24,750 to $29,750. Freshman enrollment declined from 1500 in fall 2005 to 1110 in 2006. assuming the demand curve did
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