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    social surplus

    the sum of consumer surplus and producer surplus

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Questions & Answers

how does consumer make profit
Clifford Reply
Compare and contract the function of commercial bank and the central bank of Nigeria
Akwi Reply
what do think is the difference between overhead costs and prime cost
Abdoulkarim
what is economics
Mohamed Reply
economics is a social science that study's how resources can be used to produce goods and services for society
Nathan
what is economics
Mohamed Reply
what is the basic economic problem
John Reply
rules
Buayadarat_Gaming
unlimited wants vs limited resources
Nathan
what economics is all about?
Nomuhle Reply
what is a new paradigm shift
Austen Reply
Paradigm shift it is the reconcilliation of fedural goods in production
Shyline
factors that affecting economic system
Bemen Reply
crux
Shyline
what is microeconomics
Nkanyiso Reply
what is the main problem in our economy
Nkanyiso
crux
Austen
what does crux mean
Shyline
what is demand
Jervis Reply
what are the factors of demand
Jervis
demand is consumer's wants or needs. For example I want a playstation. There is a demand for it.
Nathan
Demand is a consumer desire to purchase goods or services, and willingness to pay a price for specific goods or services.
wisdom
What is money and banking
Dorcas Reply
which one of the bank do product money
Dorcas
central bank
Mohamed
no .... all bank its self...
Buayadarat_Gaming
commercial banking
Mohamed
different types of products banking are .... 1 bills of exchange, 2 leasing, 3 project finance and so on
Mohamed
Demand and supply
Jervis
money can be defined as a medium of exchange
Jervis
how third party insurance premium is calculated?
Eshetu Reply
why scarcity is a problem in economics.
AYAABA Reply
don't worry about it, it's everywhere b/c no resources are full off in the world, b/c geometric increase of population growth.
Eshetu
okay
Shyline
because there are unlimited wants and limited resources
Nathan
price elasticity of demand is a percentage change in quantity demanded/percentage change in price.
Fadiga Reply
what is the formula for elasticity
Favy Reply
please be specific. Is it elasticity of demand or supply
Moses
we do not have a specific formulae for elasticity but we do have formulae for the types of elasticity and these are the types.Namely price elasticity of demand,Income elasticity of demand and cross elasticity of demand. please be a specific with your question.
Fadiga
sorry elasticity of Demand
Favy
The elasticity of demand is the change in demand due to the change in one or more of the variable factors that it depends on. ... The responsiveness of the quantity demanded to the change in income is called Income elasticity of demand while that to the price is called Price elasticity of demand.
ushindi
price-elasticity-demand-formula Price elasticity of demand = % change in Q.D. / % change in Price
ushindi

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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