Role of public finance in developjng countries

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 https://youtu.be/14ieRUQzmpc

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Monopolistic Competition – definition, diagram and examples

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Definition:  Monopolistic competition is a market structure which combines elements of monopoly and competitive markets. Essentially a monopolistic competitive market is one with freedom of entry and exit, but firms can differentiate their products. Therefore, they have an inelastic demand curve and so they can set prices. However, because there is freedom of entry, supernormal profits will encourage more firms to enter the market leading to normal profits in the long term. A monopolistic competitive industry has the following features: Many firms. Freedom of entry and exit. Firms produce differentiated products. Firms have price inelastic demand; they are price makers because the good is highly differentiated Firms make normal profits in the long run but could make supernormal profits in the short term Firms are allocatively and productively inefficient. Diagram monopolistic competition short run In the short run, the diagram for monopolistic competition is the sa...
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NASA 3D Animation Shows How Gravity Levels Differ Across Our Planet Earth

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 IT  is no secret that gravity on Earth helps us and things stay on the ground.  The invisible magnetic force is spread across the planet, and from the looks of it, it isn’t going away anytime soon.  According to  NASA , gravity is determined by the mass and since Earth’s mass isn’t distributed equally across the planet, gravity also tends to change over time. NASA’s Gravity Recovery and Climate Experiment (GRACE) -- helps scientists look at levels of gravitational pull across the planet.          NASA. A few years ago, it shared a 3D visualization of a gravity model, on a geoid map of Earth -- a map showcasing Earth’s real shape and not the sphere ball we assume it to possess -- based on the data collected from using GRACE, that showed surprising variations in Earth’s gravity field.
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First let us develop the general concept of average productivity and marginal productivity. If one acre of land produces 2 Tonnes of food grains, then; Productivity of Land = Output = 2 Tonne = 2 Tonne/acre  Input (land) 1 acre Productivity of Labour = Output = 2 Tonne = 0.4 Tonne/labour  Input (labour) 5 labourer The above two are basically average productivity. If by adding one extra labour, production increases by 0.2 tonne, then Marginal productivity of labour = change in output = 0.2 tonne = 0.2 tonne/labour  Change in labour 1 labour Similarly, we can calculate productivity of capital = Output Capital Higher is the productivity of capital, it is good for the economy. The inverse of “productivity of capital” is Capital/Output ratio. Capital output ratio is the ratio of capital to output. It measures how much of capital is  required per unit of output. So, if more capital is required per unit of output, then the  capital is less efficient. Hence, it also mea...
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