Price changes and compensation

The problem of compensation by increasing consumer income arises in all cases where there is an increase in the prices of one or more of the goods consumed. Different approaches to solving this problem are possible. The most direct of them uses the concept of the demand function in a fairly general form and relies […]

Calculation of total profit by industry

The logic of calculating total profit is similar to the logic of calculating total labor costs. Based on (6.5) we can write: . Substituting the numerical values from Table 6.7 we get: From the point of view of profit, the import of agricultural products is not as profitable as the import of industrial products, since […]

The concept of "world economy"

The world economy is a complex economic organism. It did not arise immediately in a ready-made form, but a long period of formation, which fit within the framework of many centuries, passed. Currently, in the educational and scientific literature, two main approaches to the disclosure of the essence of the world economy have been outlined. […]