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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.
Returns from Education Monetary benefits from education are called as returns. Such benefits accruing to an individual are called as private returns. The sum of all private re
law of diminishing returns
Problem 1: i) To what extent can a country actually rely on the principle of Comparative advantage before engaging in international trade? ii) Explain the different types
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Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p
What is the difference between Price inflation and Wage Inflation? Price inflation is the rate of enhance in the prices of goods and services whereas the wage inflation is ra
A Period of Transition and Improvement: These few years stand out as the golden years for India's BOP. India had a small current account surplus (0.6 per cent of the GDP on an
Consider two hypothetical nations, Solowia and Growia, which are defeated in wars. These two nations were suffered from wars differently; the damage is on capital stock in Solowia,
why does gap between the ATC curve and the AVC curve decreases as the level of output increases
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