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What is total surplus in net gain?
Total surplus in net gain:
The total surplus generated into a market is the total net gain to consumers and producers through trading into the market. This is the sum of the producer and the consumer surplus.
The purposes of consumer surplus and producer surplus can assists us understand reason markets are an effectual way to organize economic activity.
The events X and Y are mutually exclusive. Suppose P(X)=.05 and P(Y) =.02. What is the probability of either X or Y occurring? What is not probability of X nor Y happens?
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at
Explain whether the following statements are true or false: a) The long run aggregate supply curve is vertical because economic forces do not affect long run aggregate supply.
Give detail introduction of Central banks A central bank is a public authority that is responsible for monetary policy for a country or a group of countries. Two important cen
What is gross domestic product Economic growth is most commonly calculated in terms of the annual percentage rate of change in real gross domestic product (GDP).
what have you learned from the class
It is reported that 16% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, find the probability that: A) None use a c
New technology was just invented that decreases the cost of planting and harvesting soybeans: show the effect of this on the soybean market. Show the effect of that on the tofu mar
If the indifference curves are straight lines with slope s, and the budget constraint is given by: x*p1+y*p2 = m, then describe the optimal choice of the consumer.
when domestic currency becomes more valuable in terms of foreign currency, the domestic currency is said to have
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