How to correct the incorrect mean and find the missing value.

By




How to correct the incorrect mean and find the missing value
















Dr. Swati Gupta

Want to understand the concepts of Economics in a simple and better way? 
Please visit my YouTube channel Learn Economics by Dr. Swati Gupta to view videos on multiple topics of Economics.

Please click on the image below to subscribe to this channel.

Subscribe Our Youtube Channel Png, Transparent Png , Transparent ...
















 

Comments

Post a Comment

Popular posts from this blog

Bertrand's Duopoly Model: Assumptions, Diagram with Explanation

By
Image
BERTRAND’S DUOPOLY MODEL Joseph Bertrand, a French mathematician, criticized Cournot’s duopoly solution and put forth a substitute model of duopoly. According to Bertrand, two firms produce a homogenous good and compete in prices. There is no limit to the fall in price since each producer can always lower the price by underbidding the other and increasing his supply of output until the price becomes equal to his unit cost of production [marginal cost]. Theoretically, this competition in prices, ends with the firms selling their goods at marginal costs and thus making zero profits.  In Bertrand’s model, the producers first set the price of the product and then produce the output which is demanded at that price. Thus, in Bertrand’s adjusting variable is price and not output. Assumptions: 1- Duopolists produce homogeneous goods and consumers have no preference for either of the firms and, therefore, buy from the firm offering the good at a lower price. 2-Both firms compete with ...
Read more

Price and Output Determination under Perfect Market, Features of Perfect Competition Notes

By
Image
Market Market structure refers to economically significant features of a market, which affects the behavior and working of firms in the industry. According to Pappas and Hirschey, “Market structure refers to the number and size distribution of buyers and sellers in the market for a good or service.” Characteristics of Markets 1.     Market is not confined to one particular place, but over an entire area where buyers and sellers of a product (or) the commodity is spread over. 2.     Buyers and Sellers must be present, though physical presence is not necessary. In modern times, we sell goods through various types of media: Telephonic Media, Electronic Shopping Markets, Websites, etc. 3.     There must be a commodity that is bought and sold. 4.     There should be free interaction between buyers and sellers so that both agree on one price of the commodity.   FORMS OF MARKET Economists have classified markets...
Read more

Pigou Effect on Wage Cut and Full Employment

By
Image
Pigou Effect on Wage Cut and Full Employment A renowned neoclassical economist, A.C. Pigou, suggested a cut in wage rates in order to remove huge and widespread unemployment prevailing at the time of great depression during the period 1929-33. According to him, under free competition, the tendency of economic system is to automatically provide full employment in the labor market and if there is unemployment in the free economy, then  there are two reasons of it- first , rigidity in wage structure and second , interference in working of free market economy. For example : Government and trade unions of workers interfere free working of the capitalist economy and artificially keep the wage rates at high levels then: High wages → high cost of production → price rise → decrease in demand of goods → supply is more than demand → decrease in demand of labour → unemployment. He expressed the view that if the wage rates were cut down, demand for labor would increase so that all...
Read more