An isoquant is a firm’s counterpart of the consumer’s indifference curve. An isoquant is a curve that show all the combinations of inputs that yield the same level of output...
How does the Federal Reserve use interest rates to control the economy, and how do these changing interest rates affect you as a consumer or business owner?
Income Effect on Consumer's Equilibrium - Substitution Effect on Consumer's Equilibrium - Price Effect on Consumer's Equilibrium - Derivation of Demand Curve from Price Consumption Curve
Being poor is no fun; among the many negatives are bad health, exposure to crime, and lack of education.
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
What does “Economic Facts and Fallacies” by Thomas Sowell cover, and how does it compare to economist Thomas Sowell's other books?
Natural wool textiles are the best fabrics used during the winter to provide warmth. In this article you will know the history of wool, characteristics of wool fibers, woolen microstructure, sheep wool types, wool manufacturing process, uses, and the good washing of wool fabrics.
Silk is one of the finest and most strength natural fiber. In this article, you will know the history of natural silk, the life cycle of the silkworm, silk types, the chemical structure of silk fiber, physical and chemical properties, and how to maintain silk fabrics.
Meaning and assumptions of consumer's surplus - Measurement of consumer's surplus: The law of diminishing marginal utility approach and the indifference curve approach.
This article takes an academic approach to answering frequently asked questions about the Great Recession of 2007-2008.
Many products that used to last a lifetime now break down in a few years forcing consumers to buy a replacement.
Winemaking is a multifaceted and delicate process that has transcended centuries and is enjoyed by many cultures. However, the intricate method of creating wine has both numerous positive and negative environmental, social as well as economical impacts.
What is GDP or GNP? How are GDP and GNP related? What is Nominal GDP and Real GDP? A short overview of these important economic concepts.