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Define the individual consumer surplus and total producer surplus.
Individual consumer:
Individual consumer surplus is the net profit to an individual buyer through the purchase of a good. This is equal to the dissimilarity between the buyer’s willingness to pay and the price paid.
Total producer surplus:
Total producer surplus into a market is the net of the individual producer surpluses of each the sellers of a good.
If the indifference curves are straight lines with slope s, and the budget constraint is given by: x*p1+y*p2 = m, then describe the optimal choice of the consumer.
What are the 4 scarce, factors of production and what is a description of each of them. What are the costs to these resources?
In a ___________ exchange rate system each trading nation is impacted directly by the supply and demand for their currency. A) Fixed B) Dirty C) Floating D) Clean
Each Home Depot store must decide how much paint to order each month. From historical records, they know that the amount of paint they sell during May is distributed as follows: th
The total value of loan in an economy is Rs. 400 million and the reserve ratio is 20 per cent. An enhance of Rs. 15 million in the money which the public keeps in commercial ba
Q. Define Nominal wages? The nominal wage is wage per unit of time in the currency used in the country- what we usually just call wage. When we mention wage in macroeconomics w
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It is reported that 16% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, find the probability that: A) None use a c
Suppose price elasticity of demand for HP laptops is -2.3. If the price of an HP laptop is $1,000, what should the new price be to have an increase of 10% in quantity demanded for
Index number formulas
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