Producer and consumer surplus are used by economists to measure the total wealth of a society in a free market. In a free market trade is governed only by the principles of supply and demand. In this article I will describe what is meant by producer surplus, consumer surplus, total surplus, price ceiling and price floor. I will describe these terms along with examples and some related questions.
ReadCombinatorics is a field of Mathematics that allows us to efficiently count numbers. It includes topics such as probabilities, permutations and combinations. It has applications in many areas outside Mathematics. In this article I will describe some problems related to Combinatorics.
ReadThe principles of supply and demand form the base of modern microeconomics. In this article I will describe the principles of supply and demand along with examples and some related questions.
ReadAccording to Wikipedia: Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. In this article I will discuss some daily life applications of Economics.
ReadCombinatorics is a field of Mathematics that allows us to efficiently count numbers. It includes topics such as probabilities, permutations and combinations. In this article I will describe how to solve a problem in Combinatorics that involves numbers between 0 and 9999.
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