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Microeconomics
Consumer and Producer Surplus. Overview and Explanation
Table of Content 1. Consumer surplus 2. Producer Surplus 3. Market Surplus 4. Mathematical Calculat…
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Microeconomics
6 Types of Market Failures in Economics
A market failure is a case when the free market just left to operate on its own is going to produce…
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Microeconomics
3 Types of Efficiency in Economics. Overview and Explanation
Assuming there's not a market failure such as a monopoly or an externality, we assume that co…
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Microeconomics
Equity and Efficiency in Economics. Overview and Explanation
When we say that an allocation of goods in the economy is efficient, what we really are talking abo…
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Microeconomics
How to Measure the Elasticity of Supply. Overview and Explanation.
The elasticity of supply is a measure of how responsive the quantity supplied of a certain good is …
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