Household Production and the Household Economy
... wants such as thirst, hunger, warmth and shelter. The characteristics, or want-satisfying qualities, of the commodities used and produced can be regarded as defining the production and consumption technology of households. With changes in incomes and prices, households still alter expenditures as in ...
... wants such as thirst, hunger, warmth and shelter. The characteristics, or want-satisfying qualities, of the commodities used and produced can be regarded as defining the production and consumption technology of households. With changes in incomes and prices, households still alter expenditures as in ...
A Survey on Modeling Economic Growth
... pp. 1-2). While technical improvement leads to higher average labor productivity, the employment rate can only be kept constant or be raised if more goods can be distributed. Another goal, a fairer income distribution, is usually more easily achievable if there is additional income as basis for the ...
... pp. 1-2). While technical improvement leads to higher average labor productivity, the employment rate can only be kept constant or be raised if more goods can be distributed. Another goal, a fairer income distribution, is usually more easily achievable if there is additional income as basis for the ...
Overcoming Incentive Constraints by Linking Decisions
... mechanism simplifies to Townsend’s in his special context. McAfee’s mechanism, although different in structure, would lead to approximately the same outcomes as a version of our linking mechanism that sought to give objects to agents with the highest valuation. However, their results give little ind ...
... mechanism simplifies to Townsend’s in his special context. McAfee’s mechanism, although different in structure, would lead to approximately the same outcomes as a version of our linking mechanism that sought to give objects to agents with the highest valuation. However, their results give little ind ...
Cost Analysis on L-shape Composite Component Manufacturing
... composite components were described. The materials, size of the sample, the layup process and the cure cycle conditions for these two different composite manufacturing methods were illustrated. The cost breakdown for the composite production process was analyzed and identified. The costs for concave ...
... composite components were described. The materials, size of the sample, the layup process and the cure cycle conditions for these two different composite manufacturing methods were illustrated. The cost breakdown for the composite production process was analyzed and identified. The costs for concave ...
Microeconomics
Microeconomics (from Greek prefix mikro- meaning ""small"") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.This is in contrast to macroeconomics, which involves the ""sum total of economic activity, dealing with the issues of growth, inflation, and unemployment."" Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.