Economics 1 min read
Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers or textbooks. For example, If Mythica produces 3m…
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Economics 1 min read
Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between alternative ways of allocating scarce resources. The opportunity…
Economics 1 min read
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often credited with providing the first clear and simple…
Economics 2 min read
Choice and opportunity cost
Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited, producers and consumers have to make choices between…
Economics 1 min read
The economic problem
All societies face the economic problem, which is the problem of how to make the best use of limited, or scarce,…
Economics 2 min read
The role of money in exchange
Money occupies a central role in market economies because it acts as a medium of exchange. The advent of money…
General Concepts 2 min read
Radiation pyrometer
When temperature to be measured is high and physical contact with the heat body is impossible, radiation pyrometer are used.…
General Concepts 2 min read
Total radiation pyrometer
The total radiation pyrometer receives all the radiation from a particular area of hot body. The term total radiation includes both the…
General Concepts 2 min read
Metal resistance thermometer
This thermometer is an instrument used to measure the temperature variation in control room. Working principle In each metallic conductor,…
General Concepts 3 min read
Optical pyrometer( Disappearing filament Type)
Monochromatic brightness radiation thermometer Basic Principle of optical pyrometer: The principle of temperature measurement by brightness comparison…
General Concepts 3 min read
Bimetallic Thermometer
These thermometers use the following two principles: 1. All metals change in dimension, that is expand or contract…
General Concepts 1 min read
Helix Bimetallic Thermometer
Basic principle of Helix Bimetallic Thermometer: When a bimetallic helix fixed at one end and free at the other end…
