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Author: Zoë-Marie Beesley
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Chinese Basics
Chinese or Hànyǔ (汉语) is the native language of the Han nationality of China. The Han people constitute more than 90% of the population of China, native speakers of Chinese form the largest speech community in the world! Chinese uses characters. You can check out the most frequently used Chinese…
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Microeconomics – The Costs of Production
TOTAL REVENUE, TOTAL COST & PROFIT Total revenue is a firm’s return from sale of output. Total cost is the amount paid for inputs used to make outputs. Profits are total revenue minus total cost, TR – TC. The economic goal of a firm is to maximise profit. COSTS AS…
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Microeconomics – Consumers, Producers & Efficiency of Markets
WELFARE ECONOMICS Welfare economics is the study of how the allocation of resources affects economic well-being. Participation in market leads to buyers receiving benefit consumer surplus and sellers receiving benefit producer surplus. Equilibrium maximises total welfare. CONSUMER SURPLUS Willingness to pay measures the buyers’ value of a good or service…
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Microeconomics – Application & International Trade
EQUILIBRIUM WITHOUT INTERNATIONAL TRADE Assume: an isolated country only produces steel. Imports and exports of steel are prohibited. Results: domestic price adjusts to clear market. The sum of consumer and producer surplus measures the total benefits that buyers and sellers receive. If country begins international trade, will it be an…
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Microeconomics – Elasticity & Its Applications
Elasticity measures how much buyers and sellers respond to changes in market conditions. Price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price of that good. Price elasticity of demand is the percentage change in quantity demanded divided by the…