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Use a supply and demand diagram to help explain how a city council might help to decrease traffic congestion in the city during weekends.
a) toll booths at city limits
b) creating viable and attractive substitutes, for example by enhancing bus runs and/or lowering the price of public transportation
c) Make parking houses outside city limits with free buses into the city centre
How economic theory explain optimum pattern of consumption for an individual consumer
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Average product of a factor is the total output produced per unit of the factor employed thus, Average product = total product / number of units of factor employed If Q stand
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
edge worth model
What is use of analytical tools in the modern economics? Analytical Tools: Modern economics also gives different powerful analytical tools which are usually specified by geo
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu
How is consumer utility calculated?
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