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explain the gains from trade of marketproducer surplus consumer surplus gains through trade and efficiency of marketsconsumers and producers both are
what is total surplus in net gaintotal surplus in net gainthe total surplus generated into a market is the total net gain to consumers and producers
define the individual consumer surplus and total producer surplusindividual consumerindividual consumer surplus is the net profit to an individual
illustrate the aspect depends onto producers and consumers surplusa how much advantage do producers and consumers receive by the existence of a
what is the price elasticity of supplyprice elasticity of supplythe price elasticity of supply is a measure of the receptiveness of the quantity of a
what factors find out the price elasticity of demandfactors which determine the price elasticity of demand area whether close substitutes are
explain about the elasticity and total revenueelasticity and total revenuea when demand for a good is elastic a raise in price decreases total
what is the different between price effect and sales effectboth relate to elasticity and total revenuea a price effect after a price raise all unit
define the interpreting the price elasticity of demandinterpreting the price elasticity of demanddemand isa elastic when the price elasticity of
what is the price elasticity of demandit is the defining and measuring elasticitythe price elasticity of demand is the ratio of the percent
illustrates about the terms of elasticitybull definition of elasticitya price elasticity of demandb income elasticity of demand andc price elasticity
explain the excise terms of taxthe excise terms of taxa tax incidenceb excess burdenc deadweight lossd tax
what are forms of price floors to lead inefficiencyprice floors frequently lead to ineffectiveness in the forms ofa inefficient allocation of sales
what are forms of price ceiling to lead inefficiencyprice ceilings frequently lead to inefficiency into the forms ofa ineffective allocation to
what are the contents in the market strikes backa price controlsbull price ceilingbull price floorb quantity controls quotac excise taxd
what causes a supply curve to shifta changes into input pricesan input is a good which is used to generate another good b changes into technologyc
what causes a demand curve to shift a changes into the prices of related goodssubstitutes complements b changes into incomenormal goods inferior
define the tools of competitive marketcompetitive marketthe supply and demand modela the demand curveb the supply curvec factors which cause the
explain the purposes economists disagree and using models of economicsusing models of economicsa positive economicsb normative economicsa forecast is
explain about the circular-flow of economic activitiescircular-flow of economic activitieseconomic agents a householdsb firmswhere they
what is the difference between comparative advantage and absolute advantagedifference between comparative advantage and absolute advantagecomparative
explain about a model and use of it in economicsa model is a simplified demonstration of a real situation which is used to better understand
why are economic models uses for trade-offs and tradesimplified representations of actualitya production possibility frontierb comparative advantagec
how is economics works with interaction of individual choicesprinciples behind the interaction of individual choices1 there are gains through
how are individual makes choicesfundamental principles behind the individual choices are as follows1 resources are scarce2 the real cost of anything