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Define the following term using graphs and mathematical expression

a)utility
b)util
c)iso cost
d)indiffernce curve
e)budget line
f)monopolist
g)d demand curve
h)social exploitation
i)profit
j)perfect competation market.

22 answers Show only top 10 answers

Define the following term using graphs and mathematical expression

a)utility
b)util
c)iso cost
d)indiffernce curve
e)budget line
f)monopolist
g)kinked demand curve
h)social exploitation
i)profit
j)perfect competation market.

utility

i have already done their graph but i want their mathematical expression

utility

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Util

answer

util

no

tetcb rweal revenues of goods

Complex

Gentle man

It's very complex

Economics

Util

yes

Answers

reding

mircro economics

define the following terms using graphs and mathmatical expressions 1) utility 2)Util 3)Iso cost 4)Indifference curve 5)Budget line 6)Monoplist 7)Kinked demand curve 8)Social exploitation 9) Profit 10) Perfect competation market ...
asked by tariku

to now the anser

pleaae answer

helping my child

Did you know?

Did you know that economists use graphs and mathematical expressions to define and analyze various terms? For example: a) Utility: Economists use graphs and mathematical expressions to measure and represent the satisfaction or usefulness that individuals derive from consuming goods or services. b) Util: Util is a unit of measurement used in welfare economics to quantify the utility experienced by an individual. It helps economists compare different levels of satisfaction across individuals or groups. c) Iso-cost: An iso-cost line is a graphical representation that shows all the different combinations of inputs (e.g., labor and capital) a firm can afford to use, given a specific total cost. d) Indifference curve: Economists use indifference curves, which are graphical representations, to depict the different combinations of two goods that provide equal levels of satisfaction or utility to an individual. e) Budget line: A budget line is a graphical representation that shows all the different combinations of two goods an individual or a household can purchase, given their income and the prices of the goods. f) Monopolist: A monopolist refers to a single seller or producer who has exclusive control over the supply and pricing of a product in a market. Graphs and mathematical expressions are used to analyze the behavior and impact of monopolies on market outcomes. g) Kinked demand curve: A kinked demand curve is a graphical representation used to explain the behavior of firms in oligopolistic markets. It suggests that firms are often reluctant to adjust prices, resulting in a kink in the demand curve at the current market price. h) Social exploitation: Social exploitation refers to the unfair or inequitable treatment of individuals or groups in society, often by those in positions of power. Economists use mathematical expressions and graphs to study and understand the economic implications and consequences of social exploitation. i) Profit: Profit is the financial gain or difference between the total revenue and total cost incurred by a firm or an individual. Graphs and mathematical expressions help economists measure, analyze, and predict the profitability of different economic activities. j) Perfect competition market: Perfect competition is a market structure in which numerous firms compete with each other, and there are no barriers to entry or exit. Graphs and mathematical expressions are used to study and model the behavior of firms, consumers, and market outcomes under perfect competition.