Economic expansion path By econ101helpFebruary 8, 20190 The "expansion path" is used to describe how inputs increase in response to an increase in economic activity, holding all…

How to calculate expenditure elasticity By econ101helpDecember 6, 20180 The expenditure elasticity is a measurement of how expenditure on a good changes in response to a price change. The…

Cross price elasticity of demand By econ101helpNovember 19, 20180 Suppose that the cross elasticity of demand for Good X and Good Y is positive 2. What does this tell…

Types of price elasticity of demand By econ101helpNovember 21, 20160 The elasticity of demand () measures the responsiveness of demand to a change in price. It is defined as the…

MaxiMin Strategy/MiniMax strategy By econ101helpOctober 25, 20160 In game theory, Maximin/Minimax are strategies used when playing games. The strategy in this case is to maximize the smallest possible…