Difference between Individual and Market Demand

Difference between Individual and Market Demand

In an economic context, demand is defined as the quantity of a specific good or service that consumers are willing and able to buy over a given period of time. As you can tell, this definition looks at all consumers combined (i.e. aggregated data). However, individual consumers may have different […]

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How to Calculate Economic Profit

How to Calculate Economic Profit

Economic profit is defined as the difference between total revenue and total cost, including both explicit and implicit cost. The inclusion of implicit cost is what separates economic profit from the more common accounting profit (which only accounts for explicit cost). Even though the latter is more commonly used in […]

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The Three Types of Trade Barriers

The Three Types of Trade Barriers

Trade barriers are restrictions on international trade imposed by the government. They are designed to impose additional costs or limits on imports and/or exports in order to protect local industries. These additional costs or increased scarcity result in a higher price of imported products and thereby make local goods and […]

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How to Calculate Marginal Revenue

How to Calculate Marginal Revenue

Marginal revenue is defined as the revenue gained by producing one more unit of a product or service. Therefore, it is sometimes also referred to as the revenue of the last unit. In economics, the concept of marginal revenue is very important because it helps firms to make efficient production […]

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How to Calculate Marginal Cost

How to Calculate Marginal Cost

Marginal cost is defined as the cost incurred by producing one more unit of a product or service. Therefore, it is sometimes also referred to as the cost of the last unit. The concept of marginal cost is extremely important in economic theory because it is one of the foundations […]

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The Four Types of Economic Utiltiy

The Four Types of Economic Utility

In the field of behavioral economics we often come across the term utility. In this context, utility refers to the perceived value (i.e. usefulness) an individual receives when they purchase a good or service. There are four different types of utility: form utility, place utility, time utility, and possession utility. […]

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How to calculate a linear supply function

How to Calculate a Linear Supply Function

Supply and demand functions play a crucial role in economics. They help us analyze and understand the most fundamental economic concepts and issues (e.g. the law of supply and demand, calculating producer surplus). For the sake of simplicity, we often assume them to be linear, which makes it much easier […]

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How to Calculate Producer Surplus

How to Calculate Producer Surplus

Producer Surplus describes the difference between the amount of money at which sellers are willing and able to sell a good or service (i.e. willingness to sell) and the amount they actually end up receiving (i.e. the market price). Every seller has an individual willingness to sell. That means, if […]

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Quickonomics - Most Popular Posts of 2017

Most Popular Posts of 2017

Another year has passed, which means it’s time for our annual review of the most popular posts again. 2017 was an incredible year for Quickonomics. Over the course of the year, the project has been able to establish itself as a useful and reliable online resource in the field of […]

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How to Calculate a Linear Demand Function

How to Calculate a Linear Demand Function

In economics, supply and demand functions come in many shapes and sizes. However, for the sake of simplicity we often assume they are linear. This makes it much easier to compute them, which in turn is important to analyze and understand many basic economic concepts (e.g. calculating consumer surplus). Therefore, […]

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