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Basic Economics
INTRODUCTION: Economics is the part of knowledge and discipline or the systematic field of the study. It's a social science the is one of the number of sciences and concerned with study of the humans acting in a group. Such as the politics, anthropology and history. Economics is social science that is studies economic activity to the gain understanding of processes that the govern distribution
Macroeconomics considers the performance of economy as a whole. Many macroeconomic issues emerge in press and on evening news on a daily basis. When we study macroeconomics we are looking at topics such as the economic growth; changes in employment, inflation; and the unemployment, our trade performance with the other countries the relative success or the failure of government economic policies an
DEFINITION OF MICROECONOMICS The branch of economics that analyzes market behavior of the individual consumers and the firms in an attempt to understand decision-making process of the firms and the households. It is concerned with interaction between the individual buyers and the sellers and the factors that influence choices made by the buyers and the sellers. In particular, the microeconomic
Business Economics
MEANING OF BUSINESS ECONOMICS Managerial economics is a science that deals with application of the various economic theories, concepts, principles, and the techniques to the business management in order to solve the business and management problems. It deals with practical application of the economic methodology and theory to the decision making problems faced by the public, private and the no
What Is Econometrics? Econometrics uses the economic theory, statistical inference and mathematics, to quantify the economic phenomena. In other words, it turns the heretical economic models into the useful tools for the economic policymaking. The objective of econometrics is to convert the qualitative statements into the quantitative statements. The Econometricians-practitioners of the econom
International Economics
INTRODUCTION: International Economics (IECO) major is grounded in belief that the economic analysis is essential to understanding of the modern world affairs. With decreasing the costs of transporting goods and the information, the market forces, which guide international flow of the goods, people, assets, information and technology, are becoming a dominant factor in process of the globalizati
Managerial Economics
Introduction: Managerial economics is used synonymously with business economics is the branch of economics that deals with application of the microeconomic analysis to the decision-making techniques of the businesses and the management units. It acts through the media between economic theory and the pragmatic economics. The Managerial economics bridges gap between the theories and précis. Tene
Game Theory
The Game theory is the science of strategy. It attempts to determine the mathematically and the logically actions that "players" should take to secure best outcomes for themselves in a wide array of the "games." The games it studies range from the chess to child rearing and from the tennis to takeovers. But games all share common feature of the interdependence. That is, outcome for each participan
Public Economics
Introduction: Public economics is study of the government policy during the lens of economic efficiency and the equity. At its most essential level public economics provides the framework for thinking about whether and not government should participate in the economics markets and to what extent its role should be. Microeconomic theory is the utilized to assess whether the private market is li

Recent Economics Questions

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1. A principles of microeconomics instructor regularly asks her class to give an example of an inferior good. "No matter how poor we might be," the students tell her, "ramen noodles are an inferior good." Explain why the ...

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1. What is a Giffen good? 2. What are complements and substitutes? 3. When the cross-price elasticity of demand is positive, are the two goods complements or substitutes? What type of goods have a negative cross-price el ...

1 what are the differences between a firms production in

1. What are the differences between a firm's production in the short run and the long run? 2. What does a production function tell us? 3. Why is a firm's marginal product of labor more relevant than the marginal product ...

1 what is the marginal rate of technical substitution what

1. What is the marginal rate of technical substitution? What does it imply about an isoquant's shape? 2. What does the curvature of an isoquant imply about the two inputs, capital and labor? 3. What is an isocost line? W ...

1 when is a production function said to have constant

1. When is a production function said to have constant returns to scale, increasing returns to scale, or decreasing returns to scale? 2. How does technological change affect a firm's output? 3. What is an expansion path ...

Brady who has ordinary-shaped indifference curves buys 16

Brady, who has ordinary-shaped indifference curves, buys 16 ounces of salt each year. Even when the price of salt doubles, Brady continues to purchase exactly 16 ounces. a. True or False (and explain): Salt is neither in ...

1 amanda owns a toy manufacturing plant with the production

1. Amanda owns a toy manufacturing plant with the production function Q = 100L - 3,000, where L is hired labor hours. If the wage rate that Amanda pays her laborers is $7 per hour, what is her cost function? 2. A Toyota ...

Philo t farmsworth is a corn farmer with a 40-acre tract of

Philo T. Farmsworth is a corn farmer with a 40-acre tract of land. Each acre can produce 100 bushels of corn. The cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is $10,000. In May, whe ...

Kyle recently opened a bar amp grill the costs associated

Kyle recently opened a bar & grill. The costs associated with his new business are as follows: a. $300,000 to build the restaurant b. $30,000 for a liquor license c. $50,000 on furniture and kitchenware d. 2 cooks who wi ...

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