TOPIC - 2 DEMAND‚ SUPPLY AND MARKET EQUILIBRIUM The term ‘price’ has a great relevance in economics. In ordinary usage‚ price is the quantity of payment or compensation given by one party to another in return for goods and services. It is generally expressed in terms of units of some form of currency. But how does a product sell for a certain price‚ what constitutes the price of a product and how is the price determined is the bigger question. In economics‚ for a competitive market
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examples in real life. To understand the underlying logic of the game’s strategy one must understand the Nash Equilibrium. Princeton University’s Website (an excellent source since John Nash the person who came up with the Equilibrium attended that university) defines Nash Equilibrium as “a solution concept of a game involving two or more players‚ in which each player is assumed to know the equilibrium strategies of the other players‚ and no player has anything to gain by changing only his or her own strategy
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strategies in equilibrium (if they play the same strategy‚ we say it is a pooling equilibrium; if they differ‚ we say it is a separating equilibrium); one type of Player 1 may play a pure strategy while the other plays a mixed strategy (leading to a semi-separating equilibrium); or both types of Player 1 may play mixed strategies. (We won’t deal with the latter case.) When looking for a PBE... 1. Decide whether you’re looking for a separating‚ pooling‚ or semi-separating equilibrium. 2. Assign a strategy
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What Factors Affect Chemical Equilibrium? Introduction: In investigation 14‚ “What Factors Affect Chemical Equilibrium?”‚ the purpose was to find out which reagents caused a change in the chemical equilibrium. A deep red color was formed when Iron Nitrate [Fe(NO3)3 (aq)] was mixed with water and Ammonium Thiocyanate [NH4NCS (aq)]. The product of these two reactants was Iron Thiocyanate(FeNCS). After different trials of mixing the given reagents
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but also times where policy change happens relatively quickly and seems to favor new avenues of influence. The authors utilize a model of evolution known as “punctuated equilibrium‚” which was originally developed by paleontologists‚ to describe the dynamics and patterns of policy change. This process of punctuated equilibrium asserts that the political system “displays considerable stability with regard to the manner in which it processes issues‚ but the stability is punctuated with periods of
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TOPIC 1: RATES AND CHEMICAL EQUILIBRIUM QUESTION 1: (Taken from the DoE Physical Sciences Feb-March Paper 2 2009) Antacids are used to relieve indigestion. Indigestion is the condition when the stomach produces too much acid resulting in an uncomfortable and painful feeling. A certain antacid tablet dissolves in water and reacts with the acid in the stomach to release carbon dioxide gas. 1.1 Name the type of chemical reaction that explains why antacids bring relief from indigestion
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Section A a. Explain the concept of dominant strategy equilibrium. 1. http://tuvalu.santafe.edu/~jkchoi/game4.pdf 2. http://econweb.umd.edu/~borowitz/dominant_strategy_equilibrium.pdf b. Discuss the concept of Nash equilibrium. 1.http://www.economics.utoronto.ca/osborne/igt/nash.pdf 2. http://www.columbia.edu/~rs328/NashEquilibrium.pdf c. Is every dominant strategy equilibrium a Nash equilibrium? 1. http://economics.fundamentalfinance.com/game-theory/nash-equilibrium
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Introduction The solubility product constant‚ Ksp‚ is a particular type of equilibrium constant. The equilibrium is formed when an ionic solid dissolves in water to form a saturated solution. The equilibrium exists between the aqueous ions and the undissolved solid. A saturated solution contains the maximum concentration of ions of the substance that can dissolve at the solution’s temperature. The equilibrium equation showing the ionic solid lead chloride dissolving in water is: PbCl2(s)
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Demand‚ Supply and Market Equilibrium Every market has a demand side and a supply side and where these two forces are in balance it is said that the markets are at equilibrium. The Demand Schedule: The Demand side can be represented by law of downward sloping demand curve. When the price of commodity is raised (ad other things held constant)‚ buyers tend to buy less of the commodity. Similarly when the price is lowered‚ other things being constant‚ quantity demanded increases. The above
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Torques equilibrium‚ and center of gravity Introduction Torque is a quantitative measure of the tendency of a force to cause or change the rotational motion of a rigid body. A torque is the result of force acting at a distance from an axis of rotation. An essential thing to keep in mind is that the magnitude of the torque is equal to the product of the forces perpendicular distance and magnitude. Theory The magnitude of the torque (t) is found from the product of the force F and
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