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State about the prices - Price level
Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested in prices of individual services and goods and such prices are rarely significant for economy as a whole even though there are exceptions (for instance, the price of oil). In macroeconomics we are more interested in how prices change on average. We describe the price level as a weighted average of various different prices.
If p1 is price of gasoline and p2 the price of oil, then 10p1+ p2 is a price level. It is a weighted average of two prices with weights 10 and 1. Generally, price level is defined using many more prices.
Clearly explain the distinction between supply, demand and equilibrium price.
1. Consider the consumption decisions of R.B. Turbo, a new student at Teachers College, Columbia University. Ms. Turbo has only available $1,000 in monthly income to spend on food
Securitization: A process in that financial relationships (like loans) are converted into financial securities or assets (like bonds) that can be bought and re-sold in securities m
#question.what is elasticity of demand? .
Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results
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