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Posts By: peter
Test: Production Possibility Frontiers
Imagine that a country can produce just two things: goods and services. Assume that over a given period it could produce…
Read MoreActivity: Plot the AP, MP and TP curves
Marginality is one of our core concepts (core concept 4). This is because economic decisions are taken at the margin –…
Read MoreActivity: Calculate the MC, AVC and AC
Read MoreKey Relationship: Marginal, Average and Total Product
Marginal, average and total variables always have the same relationship, which is mathematical. The marginal curve measures the slope of the…
Read MoreSummary: Production Functions
SUMMARY: Production Functions source The production function tells us the maximum quantity of output a firm can get as a function…
Read MoreArticle: The Innovation Deficit
source The Economist The UK’s innovation deficit Key relationship: investment, productivity, competitiveness, growth The gap between productivity in the UK and…
Read MoreExtract: A Global Recession in 2016?
source Economist, Sept 9 2015 William Buiter, MPC member, argues that a global recession is the “most likely” outcome for 2016 with…
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