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One crucial constraint to economic growth and development in developing countries may be human capital inadequacy. For example, only 2.3% of India's population is classified as skilled, with only 44% of t...
A public good has two characteristics that separate it from being a private good; non-rivalry and non-excludability. Non-rivalry means that your consumption of that good does not reduce the amount that an...
Producing a "chain of reasoning" in your answers is one of the more difficult requirements of the A level Economics syllabus. It is important when explaining your answers that you make clear and...
Mathematically: Profit = TR-TC Maximum profit is when the derivative of the profit function = 0 Differentiating profit: d(TR)/dX - d(TC)/dX = 0 Since the derivatives of TR and TC are MR and MC respectivel...
There are a number of pricing and non pricing a firm may use in order to seize market share, increase its total revenue and hence profits. Some pricing methods involve, a reduction in prices, predatory pr...
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