#### Latest Posts

## Relative supply

Consider the following two economies: home and foreign. Both are endowed with 100 units of labor and both produce cheese…

## MaxiMin Strategy/MiniMax strategy

In game theory, Maximin/Minimax are strategies used when playing games. The strategy in this case is to maximize the smallest possible…

## Calculating GDP growth

GDP growth is the measurement of the percentage change in GDP from one year to another. It is a metric…

## Balance of trade formula

Balance of trade The balance of trade (B.O.T) is defined as the value of exports minus the value of imports.…

## Consumer part of dead weight loss, Producer part of dead weight loss and total dead weight loss

This post will cover dead weight loss. In particular, what is the burden on consumers and producers. The following supply-and-demand…