Advanced Concepts
Understanding Consumer Theory
If we think about the indifference curves in a slightly different way, we see that MRS describes marginal…
September 1, 2021 · Taylor EmmaAuthor: Taylor Emma
A senior editor for The Mars that left the company to join the team of SenseCentral as a news editor and content creator. An artist by nature who enjoys video games, guitars, action figures, cooking, painting, drawing and good music.
Advanced Concepts
Tariffs
A tariff is defined as a tax on imported goods. The easiest way to show how it works…
September 1, 2021 · Taylor EmmaAdvanced Concepts
Quantity Controls
We looked at an example of the government regulating prices, and concluded that a deviation from the equilibrium…
September 1, 2021 · Taylor EmmaAdvanced Concepts
Calculating Market Surplus
To find out the impact of government’s price ceiling, we must calculate market surplus before, and after a…
September 1, 2021 · Taylor EmmaAdvanced Concepts
Relative Elasticity
Perfectly Elastic and Perfectly Inelastic To begin the conversation about relative elasticity, it helps to first look at…
September 1, 2021 · Taylor EmmaAdvanced Concepts
Elasticity and Revenue
Elasticities can be divided into three broad categories: elastic, inelastic, and unitary. An elastic demand is one in which the…
September 1, 2021 · Taylor EmmaAdvanced Concepts
Quantity Controls
We looked at an example of the government regulating prices, and concluded that a deviation from the equilibrium…
September 1, 2021 · Taylor EmmaAdvanced Concepts
The Consumer and the Market
The consumer, so it is said, is the king. . . each is a voter who uses his…
September 1, 2021 · Taylor EmmaAdvanced Concepts
The Consumer
Consumer : A person who is capable of choosing a president but incapable of choosing a bicycle without…
September 1, 2021 · Taylor EmmaFeatured
National Engineering Policy Centre highlights areas for investment
The National Engineering Policy Centre has recommended six areas of investment to be prioritised ahead of the government’s …
September 1, 2021 · Taylor Emma