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Q. Explain General Equilibrium?
General Equilibrium: Neoclassical economics presumes that production, employment, investment and income distribution are all determined by a condition of equilibrium (with demand equalling supply) in each single market (including markets for both factors of production and produced services and goods).
a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s
what to produce of capitalism
Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows: Playe
Productivity:Generally, productivity measures efficiency or effectiveness of productive effort. Productivity can be measured in several different ways. Physical productivity measur
required urgent
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
Determinants of Private Demand for Education Rates of return on investment in education is only one of the factors determining the demand for private investment though it is
Demonstrate mathematically that the equilibrium condition MRS PB PA is the equivalent of the utility-maximizing rule MU AP A MU B PB .
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
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