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Supply-side economics is a macroeconomic theory postulating that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. [1][2] According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. [3]
Doubling the price of uranium would add about 10% to the cost of electricity produced in existing nuclear plants, and about half that much to the cost of electricity in future power plants. [53] The cost of raw uranium contributes about $0.0015/kWh to the cost of nuclear electricity, while in breeder reactors the uranium cost falls to $0.000015 ...
In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] For example, if the price elasticity of the demand of a good is -2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and ...
Lucas was born on September 15, 1937, in Yakima, Washington, as the eldest child of Robert Emerson Lucas and Jane Templeton Lucas. [6] His parents ran an ice creamery in Yakima. After the business failed during the Great Depression, the family moved to Seattle. His mother worked as a fashion designer and his father worked at shipbuilding yard ...
Doctoral advisor. Sherwin Rosen. Richard H. Thaler (/ ˈθeɪlər /; [1] born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association.
Some prices under price discrimination may be lower than the price charged by a single-price monopolist. Price discrimination can be utilized by a monopolist to recapture some deadweight loss. [10] [11] This pricing strategy enables sellers to capture additional consumer surplus and maximize their profits while offering some consumers lower prices.
e. Trickle-down economics refers to economic policies that disproportionately favor the upper tier of the economic spectrum, comprising wealthy individuals and large corporations. The policies are based on the idea that spending by this group will "trickle down" to those less fortunate in the form of stronger economic growth. [1]
Dickinson H. D. 1933 Price Formation in a Socialist Community in The Economic Journal. Dickinson, H. D. 1939 The Economics of Socialism. Hayek, F. A. 1935 Collectivist Economic Planning. Hayek F. A. 1937 Economics and Knowledge Economica V4 N13 pp. 33–54. Hayek F. A. 1940 The Competitive "Solution" Economica V7 N26 pp. 125–149. Hayek, F. A.
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