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What do you mean by Consumption Set?
Consumption Set:
We notice a consumer faced along with possible consumption bundles within consumption set X. We generally assume that X is the nonnegative orthant into RL as demonstrated in the right figure, but more exact consumption sets may be utilized. For illustration, it may permit consumptions of some good into a suitable interval such like leisure as demonstrated in the left figure, or we might only comprise bundles which would provide the consumer at least a subsistence existence or which includes only integer units of consumptions as demonstrated in figure. We suppose that X is a closed and convex set unless otherwise stated. There convexity of a consumption set implies that each good is divisible and can be consumed through fraction units.
The left figure: A consumption set which reflects legal limit onto the number of working hours. The right figure: the consumption set R2+
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what are the similarities and differences of marginal productivity and marginal utility
short run equilibrium of the industry
ppf
In 1939 the U.S. economy was operating where in the production possibility curve?
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Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?
Q. What is Debt Burden? Debt Burden:Real economic importance of a debt relies on interest rate that should be paid on debt and on total income of consumer or business which und
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