Reading about economics means self-tutoring. The tutor discusses the disadvantage – or advantage, of the US trade deficit. The US has run a trade deficit since the late 70s. Simply put, a trade deficit means that the country’s imports are …

Economics, business: the US trade deficit: good or bad? (Part 0) Read more »

Tagged with: ,

Tutoring a number of subjects, the term mercantilism might arise. The tutor defines it. mercantilism economic policy that favours exports, discourages imports, and has the objective of amassing precious metals. Source: Barber, Katherine et al. Oxford Canadian Dictionary of Current …

English, economics, history: what is mercantilism? Read more »

Tagged with:

Tutoring statistics, confidence intervals are important. A two-sided confidence interval for the population mean is given by sample_mean – (standard_dev/n1/2)*sig_factor, sample_mean + (standard_dev/n1/2)*sig_factor The sig_factor (significance factor) depends on the certainty (confidence level) with which we want the confidence interval …

Statistics: confidence interval for the mean (two sided) Read more »

Tagged with: , , ,

The tutor compares big business with small business. In yesterday’s post I talked about firms in monopolistic competition – the situation characterized by negligible boundary to entry large number of small firms competing average long-run profit approx. zero Oligopoly is …

Economics: oligopoly vs monopolistic competition Read more »

Tagged with: ,

The tutor looks into monopolistic competition and the long-run trend faced by its entrants. Monopolistic competition exists, in a given business, when there is free entry – that is, when starting a new enterprise engaged in that business is easy. …

Economics: small business: monopolistic competition Read more »

Tagged with: ,

The tutor works a word problem to find time until market share equalization. Imagine a relatively new device, of which there are two competing versions, A and B. (We assume that no-one owns both.) The potential market is 100 million, …

Business math: a word problem about market share. Read more »

Tagged with: ,