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tensa zangetsu [6.8K]
3 years ago
13

Define the role of the mathematical concepts of maximization and equilibrium in microeconomic theory.

Business
1 answer:
labwork [276]3 years ago
8 0

Answer:

Functions and graphs are two mathematical concepts that are heavily used in microeconomics.

Explanation:

1. Functions

Economics is full of functions: manufacturing functions, distribution functions, parameter values, components for welfare programs, and so on. A function is indeed a connexion between several sets of data, such that the second set correlates exactly to one variable for each value in one collection.

2. Graphs

By visualising it in a graph we can enhance the innate knowledge of a practices and organisational performance. In a chart, independent variable effects are generally read off the horizontal axis, and the dependent variable effects are generally read off another vertical axis. And for variables, each position in the line matrix correlates to a set of variables

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Suppose the population of country ABC rises from 40 million to 44 million. If the country's Real GDP rises from $825 billion to
marshall27 [118]

Answer:

Option (C) is correct.

Explanation:

Given that,

Population rises from 40 million to 44 million

Country's Real GDP rises from $825 billion to $890 billion during this same period.

Therefore,

This country experiencing a absolute economic growth because of the rise in real GDP.

Initial per capita growth:

= Initial Real GDP ÷ Initial Population

= $825 ÷ 40 million

= $20.625

New per capita growth:

= Increased Real GDP ÷ New Population

= $890 ÷ 44 million

= $20.227

Above calculations clearly shows that there is a decline in the per capita growth.

Hence, there is an absolute economic growth but not per-capita real.

8 0
2 years ago
The slope of the demand for loanable funds curve represents the...
USPshnik [31]

Answer: c. negative relation between the real interest rate and saving.

Explanation: Savings belong to what an economy saves from its income, which in turn represents national savings. We also have the investment and the net capital flow. The balance is reached when the amount of savings equals investment and net capital flows or demand for loanable flows.

Therefore, we can say that the demand is negative when interest rates rise, since this retracts the economy and decreases the savings and thus the money available to lend.

7 0
3 years ago
Joe wants to be able to purchase a dream car on January 1,2004, just after he graduates from college. Joe has had a part time jo
Bad White [126]

Answer:

FV= $46,031.45

Explanation:

Giving the following information:

Monthly deposit= $450

Number of months= 59

Interest rate= 0.21/12= 0.0175

To calculate the final value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

FV= {450*[(1.0175^59) - 1]} / 0.0175 + 450

FV= $46,031.45

5 0
3 years ago
If the number of employed workers equals 200 million and the number of unemployed workers equals 20 million, the unemployment ra
fenix001 [56]

If the number of employed workers equals 200 million and the number of unemployed workers equals 20 million, the unemployment rate equals 9%.

<h3>What is the unemployment rate?</h3>

The unemployment rate is the percentage of the labour force that is unemployed.

The unemployment rate = (number of unemployed people / total labour force) x 100

Total labour force = 200 million + 20 million = 220 million

(20 / 220) x 100 = 9%

To learn more about unemployment, please check: brainly.com/question/10940465

#SPJ1

5 0
2 years ago
Firms that truly adopt the marketing concept develop a distinct organizational culture based on a shared set of beliefs that mak
natita [175]

Answer:

True

Explanation:

Marketing is about to under understanding what generate values to the customer.

6 0
3 years ago
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