Decisions Involving Uncertainty

Decision-making under uncertainty is a complex topic because all decisions are made with some degree of uncertainty. But there are specific scenarios in which economic experiments have shown that some people make decisions deviating from expected utility theory defined by the Von Neumann-Morgenstern theorem. While the experiments are conducted…
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Marginal Propensity to Consume

The marginal propensity to consume (MPC) is the increase in consumer spending due to an increase in income. This can be expressed as ∆C/∆Y, which is a change in consumption over the change in income. For example, if a person earns an extra $10, and then spends $7.50 from the $10, then the marginal propensity to consume will be $7.5/10 = 0.75.…
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Ubernomics

In a previous post, UberX Pricing by City , I published a list of cities and towns in which UberX operates along with the minimum price, price per mile and price per minute. My original intention for collecting the data was to derive conclusions behind what I call "Ubernomics". What is UberX? I'm going to begin by establishing what is uberX and…
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Factors of Production

The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply.  Essentially, the factors of production consist of any resource that is used in the creation…
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The Ultimate List of The 10 Best URL Shortener Services

An URL Shortener is a technique in which an URL may be made substantially shorter in length and still direct to the required page. An URL Shortener achieves this using a redirect on a domain name that is short. The short URL links to the web page that has a long URL. If you're looking to create your URL shortener service, read this guide. Most …
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Discretionary Fiscal Policy

A discretionary fiscal policy is a government policy that changes government spending or taxes. Its purpose is to expand or shrink the economy as needed. The output is determined by the level of Aggregate Demand (AD), so a discretionary fiscal policy can be used to increase Aggregate Demand and thus also increase the output. This measure would…
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