## What is gross domestic product per capita, Microeconomics

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Q. What is Gross Domestic Product Per Capita?

Gross Domestic Product, Per Capita: Level of GDP divided by the population of a region or country. Changes in real GDP per capita over time are often interpreted as a measure of changes in the average standard of living of a country though this is misleading (since it doesn't account for differences in the distribution of income across factors of production and individuals, and it doesnot consider the value of unpaid labour).

#### Calculate the responsiveness of consumers, The price elasticity of demand i...

The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity.  In other words, as price enhances (reduces), the qu

#### Consider an upstream firm in russia that mines iron, Consider an upstream f...

Consider an upstream firm in Russia that mines iron ore at a total cost of \$15 q , where q is the number of tons of ore. This upstream firm then ships ore to Germany for processi

#### Indirect utility functions, Indirect Utility Functions: Let qi denotes...

Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra

#### Demand and supply, During the 1990s, technological advance reduced the cost...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of

#### Axioms of consumer preference, determine if completeness and transitivity a...

determine if completeness and transitivity are satisfied for the following preferences defined on x=(x1,x2)and y=(y1,y2);if x>y or x=y and x2>y2,if for min{x1,x2}

#### Supply, composite supply v/s joint supply

composite supply v/s joint supply

unique product

#### General equilibruim, what is general equilibruim?

what is general equilibruim?

#### Monopoly, unique products in monopoly

unique products in monopoly

#### Elasticity, How much would the price of Good Z (Pz) have to change in order...

How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?  