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What is Economic Theory?
An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanations and/or predications as conclusions which are derived by the assumptions and the analytical framework.
As any science, economics is relate along with the explanation of observed phenomena and also creates economic predictions and assessments based onto economic theories.
Economic theories are improved to describe the observed phenomena into terms of a set of fundamental assumptions and rules.
concept of supply
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
NEW CLASSICAL BUSINES CYCLE THOERY: Yang, Xioaokai, Economics: New Classical versus Neoclassical Frameworks, Oxford: Blackwell Publishers. The book goes on to rigorously dev
Explain in detail the concept of PPC with suitable eg.
Question 1: i) Elaborate on how CPI is used to calculate inflation and what are the limitations of such a measure? ii) Growth is always beneficial. Discuss iii) Explain
Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the
Entrepreneur: The entrepreneur or enterprise is a special factor of production that is in charge of the organization of the other three factors of production (land, labour and
assumption of mariss model
How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource l
(a) Increase in technology and productivity take effect in the red bull market use and label a graph to explain the result of this change on each of the following (i) Market Pri
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