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What is Economic Theory?
An economic theory that can be considered an axiomatic approach comprise a set of assumptions and circumstances, an analytical framework and explanations and/or predications as conclusions which are derived by the assumptions and the analytical framework.
As any science, economics is relate along with the explanation of observed phenomena and also creates economic predictions and assessments based onto economic theories.
Economic theories are improved to describe the observed phenomena into terms of a set of fundamental assumptions and rules.
Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti
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Mr. Smith can cause an accident, which entails a monetary loss of $1000 to Ms. Adams. The likelihood of the accident depends on the precaution decisions by both individuals. Spe
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The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu
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Market demand and supply of a good is shown by QB = 2,160 - 180P and QS = -2400 + 300P where QD, QS and P stand for quantity demanded, quantity supplied and price respectively. (a
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