Economics Definition and 176 Threads

It seems to me that people living in developed western civilisations base all their actions on economic choices, especially the lesser educated people.

I Think I am right on a, but not quite sure on B. I put this in the calc section, because I think B needs to be solved as a dirivitive. Thank you Given a firms profit curve of: Profit= -3 + 15Q - 1.25Q^2 a) Calculate the output that would maximize the firms's profit. 15-1.25Q^2=0...

I am interested in comparing the cost of nuclear energy with the costs of fossil fuel and renewable fuels for electric power generation. The figures I have for fuel consumption are: 1. a 1000 mW conventional LWR nuclear plant consumes 25 Tonnes of fuel (lightly enriched uranium) a year or...

Is there anybody out there defending current academic economics? Anyone who finds it relevant, useful, scientific or of any kind of value? But please first read these two accounts. http://www.irpp.org/po/archive/sep97/blaug.pdf http://www.public.iastate.edu/~c_r_p.484/postautistic.htm...

To a music consert there were an Income of 85500$ There were 2 types of tickets sold, one that cost 90$ and one that cost 120$. Totaly there were 800 tickets sold, how many of each ticket was sold. Here I Shall use the ordinary math equation M = pxX + pyY and solve the equation, and I have...

Im not sure if anyone can help me with this, I haven't seen a question like this I am guessing its easy. I tried just taking the integral and evaluating, bu tthat gave me a wrong answer. Q:The marginal cost of producing x units of a certain product is 74+1.1x-0.002x^2+0.00004x^3. Find the...

Hi everyone. Thanks for reading this post. I'm looking for a little guidance on how someone whose training is outside the hard sciences can break into a scientific career path. I know that it will inevitably involve going to back to school, but perhaps there are jobs I could do in the mean...

How do GDP and GCF differ? What is the difference between the kinds of GDP such as GDP PPP? I looked but didn't understand any explanations on the internet.

This is a economic math question see if you can help me out here. I've got 3 variables A,B and C and I shall get the production to be optimal I have there variables This is the forumla = Z = 800A+ 550B +400C Under these condition it shall work 14A+10B+8C=<4500 12A+7C=<1000...

Why is it that when you're showing a graph in anything relating to economics, Price is on the Y axis and Quantity is on the X axis? Doesn't it seem that the quantity is dependent upon the price, rather than the opposite? I realize that neither one nor the other is totally independent or totally...

Does anybody know of a good forum/resource like physics forum that discusses economics (specifically macroeconomics)? Thanks

As an elective for undergraduate Chem Engineer, which would be better to have? Thanks. -A

Can anyone inform me about how socialism works economically - or if it does/has at all? I want to do a 30 minute seminar on Socialism for English; however, I'm not sure how to present the theory postively from an economic standpoint. Everyone knows capitalism because it has been taught to...

From the Investment savingings model (IS) equation GDP (Y) is a function of consumption C, Investment I, and government spending G Y=C(y,r)+I(r)+G Consumption is a function of disposable income (income minus tax. national income is also the same as GDP) y which is y=Y-T and the interest...

I'm in first-year business school, and am taking economics for the first time. I'm not too clear on what exactly a social surplus is? Can anyone explain using simple examples, just so that I may have this clarified? Thanx

In case anyone is interested in the 21st Cent role of China in world economy here is an interview with a smart realistic guy: DER SPIEGEL INTERVIEW WITH SINGAPORE'S LEE KUAN YEW "It's Stupid to be Afraid" Singapore's first-ever prime minister, long-time government head and current...

I was watching a program last night on PBS about the ongoing debate regarding free trade and agreements such as NAFTA and now CAFTA. I consider myself a fiscal conservative, and while I favor free trade in general, so far I find myself very concerned about such trade agreements. Though the...

Four out of eight problems I do not understand. These are the four problems: 1. Given Utility function----Max utility S.T. Budget curve a. How demand changes if p_{1}p_{2}M change whether the good is normal, regular, ordinary b. find demand function x_1x_2 2. Given product...

I'm preparing a debate in economics regarding taxes, and was told to examine progressive income tax. I'm yet to find out what side I am debating, so i am listing and trying to understand some points for and against it. All i have is one point against it - PITs are unfair in that people who...

I got this please help! Scenario: You are a financial advisor employed by a well-respected firm of stockbrokers, Krook and Dodgy. A large lotto winner, Sheryl, has approached your firm for advice on what to do with her winnings. Sheryl is in her early forties, has three teenage children, is...

So after reading an article on slashdot about World of Warcraft (WOW) and how people are mining gold in the game then selling the gold on ebay to other players for ingame use, I got to thinking on if there were any studies done on these artificial worlds and their economics? I tried searching...

Hey What is your opinion on economics i think it is the coolest of the social sciences but i always wondered how scientifc it was and as a side note from your experince what is it like to study economics? from all i know it is definately one of the most populur and challenging of the social...

What's an economics major to do? :) Hey all, I really need some help. I am currently an sophomore at a low-to-middle tier 2 school (I'm going there on full scholarship). I'm double majoring in Economics and Mathematics, and want to go to a good grad school for either subject (preferably...

I was discussing why I think the minimum wage should be raised with someone, and I came to this conclusion. I think the minimum wage should be raised, but not universally. I think that there's no problem with paying teenagers a small wage, considering their parents are paying for most everything...

it seems to me that in economics there are a huge number of possibly factors but a small number of results so how are theories checked for validity? if something is good for an economy it should add up to a higher GDP or quality of living but I find it hard to imagine getting anything but a far...

Post anything you know about any other real life applications to Mathematics.