You are welcome to ask questions on Economics.
I will post the answer on this blog, for everyone to benefit from.
I shall try to answer the economics question and / or point to other resources but please bear in mind.
- The replies will be guidance and not for duplication. Your essays should always be your own work.
- My speciality is economics for British A Level standard. My university economics is rusty in parts, because generally I don’t use it in teaching A level economics.
- I can’t guarantee to always give answers it also depends on my time schedule.
- The aim is not to do people’s homework for them, but, help in the understanding of economic concepts.
- The answers will not necessarily be complete. I know several of my essays on this site could be improved.
- Please Write the Questions clearly and with proper spelling. Some questions I have not answered because they were not clear what was meant.
- I will answer as a new post. Check home page of blog for new post. With question and answers
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
If you find the information useful, you are welcome to buy me a coffee :)
About The Author
Can you explain what does it mean by excess capacity theorem in a monopolist competitive market? Why long-run equilibrium is attained not at the lowest average cost?Thanks a lot=)
According to Emerson: “want is a growing giant whom the coat of Have was never large enough to cover.” According to economist, why does “want” exceed “have”?
Explain why firms experience dimishing returns in the short run.
trade unions are responsible for providing australian workers with some of the best work conditions in the world
Suppose that a firm produces good X using just one variable factor of production L (labour). Suppose the short-run production function for this firm is given by:
QX = – 0.1L3 + 6L2 + 12L
(QX are the tonnes of X produced per week and L in the number of people employed).
(a) (10 marks) How many people are employed at the point where the average physical product of labour is maximized? How many people are employed at the point where the marginal physical product of labour is maximized?
(b) (10 marks) Calculate the quantity of X being produced when average variable cost in being minimized. If the weekly wage is $360 and the price of X is $30 per tonne, how much X should the firm produce in order to maximize profit?
(c) (10 marks) If the weekly wage is $510 at what price of X will the firm be indifferent between producing and closing down? If the price of X is $10 per tonne and fixed costs are $15,000 how much will the weekly profit be if the firm finds it worthwhile to employ 36 workers?
i want to know after i graduate from college in what job i will work