A country’s production possibility frontier or PPF is defined as the boundary of its economy’s production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...

A country’s production possibility frontier or PPF is defined as the boundary of its economy’s production set in the net output space for a given technology and fixed quantities of primary factors of production. In general equilibrium theory, exogenous changes in technology or primary-factor...

An economy’s production set is the collection of all net output vectors that the economy is capable of producing with a given technology and fixed quantities of primary factors of production. The boundary of this set is called the production possibility frontier or PPF. We show that, if the...

The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

In the paper the use of “end of pipe” clean technologies for steel making in oxygen converter are presented. The exhaust gases resulted from steel making process contain dust, smoke and oxides as pollutants. For restraining them electric filter or washers are used. The washer can be...

The Romanian economy goes through a stage of economic unbalances. In this context, the necessity generated by psychological and practical reasons to understand and draft ideas concerning the future behaviour of economic systems such as to overrun the actual condition of our country economy...

El artículo busca aportar en la reflexión acerca de la enseñanza en economía, desde la perspectiva del contenido. Es evidente que no se puede encontrar una "receta mágica" y que las diversas opiniones deben encontrar un espacio dentro de este tipo de propuestas; pero sí se puede llegar a...

This paper presents a classroom experiment in cooperative behavior. Students make production decisions as a cartel and earn revenues based on their own output decision and the output decision of the rest of the cartel. Cooperative behavior generates maximum profit for the group, but individuals...

This series of three classroom experiments demonstrates the tragedy of the commons and suggests two possible solutions: communication and individual property rights. In the first and second experiments, students jointly own a renewable resource in the form of a plate of M&Ms. Communication is...

We employ laboratory methods to study stability of competitive equilibrium in Scarf's economy (International Economic Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at the competitive equilibrium they oscillate without...