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The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives the persons consumption, c. The horizontal axis shows his leisure, l. Suppose that the person has one unit of time that he can devote to labor, h = 1-l, or leisure, l. Each unit of time spent working is rewarded by the wage w. The components of the graph will be described now.
Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
Elasticity of Demand This is a measure of how responsive the sales volume of goods is to changes in that product's price, equal to the marginal change in sales, divided by the
List and describe the determinants of the price elasticity of demand and of supply.
what is comparative advantage
Theories of Chamberlin’s monopolistic competition and Joan Robinson’s imperfect competition have revealed that a firm under monopolistic competition or imperfect competition in lon
THEORY OF CUSTOMS UNION: A customs union is an association of two or more countries to encourage trade. The countries making such an arrangement agree to eliminate tariffs and
Modern cost curves theory
Economic Reforms and Industrial Growth Economic reforms were mainly intended to remove obstacles so that investment in industry may be accelerated. With this end in view, indu
Private and Social Benefits Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individua
If a minimum wage were imposed below the competitive equilibrium what would we expect to observe in the effected labor markets?
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