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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 - it would be a weighted average of prices of the goods sold that day and weights would be equal to number of every good sold. Perhaps basket contains 100 liters of regular milk though only one frozen cake. Price of regular milk will then have a weight of 100 whereas price of frozen cake wold have a weight of 1. Changes in price of milk will then have a greater influence on price level than changes in price of frozen cake.
characteristics of microeconomics
Cost in the Long Run Cost minimization with the Varying Output Levels -A firm's expansion path shows minimum cost combinations of labor and capital at each level of output.
Choosing Inputs How to minimize cost for the given level of output. We can do so by combining Isocosts with Isoquants Producing a
Elasticity help
what is the theory of second best? prove the theorem with the help of a diagram.
Market Penetration: Indian entrepreneurs have to constantly bear in mind the fast changing trade trends and re-orient their strategies to derive higher yields by way of large
what is the relevance of microeconomic analysis in contemporary Nigerian economy
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resonance effect
need to get assignment on income effect and substuation effect how does increase in price of both comodity will affect the or show the new effect
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