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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.
Explain the difference among saving and investment as explained by macroeconomists. Which of the following situations represent investment or saving? Explain: a) You u
Explain about a model and use of it in economics. A model is a simplified demonstration of a real situation which is used to better understand real-life circumstances. The
Central bank and monetary policy By monetary policy we mean the policy directed at controlling the money supply and the interest rates. In most countries, the central bank is r
Explain about the elasticity and total revenue. Elasticity and Total Revenue: a. When demand for a good is elastic, a raise in price decreases total revenue. Then Sales effe
What is the opportunity cost of economic growth? Opportunity cost measures the cost of an economic option within terms of the next best option foregone. The government of a
Suppose P(X1)=.75 and P(Y2/X1)=.40. What is the joint probability of X1 and Y2?
Q. Describe the Keynes motivation? Keynes' motivation: In good times, when Y is high (above its trend), national income is high (above it trend). Consumers will take this opp
Aggregate Consumption This is the aggregate of all expenditures on current consumption goods and services i.e. those which are consumed during the period. Living standards are
when domestic currency becomes more valuable in terms of foreign currency, the domestic currency is said to have
Consider the following: "The physiocrats spoke of the natural order and favored laissez-faire yet strongly supported the absolute authority of the monarchy." Analyze this supposed
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