Microeconomic theory often yields models with multiple nonlinear equations, nonseparable unobservables, nonlinear cross equation restrictions, and many potentially multicolinear covariates. We show ...

When you start a small business, you quickly learn that you survive by meeting customer demand. The patterns in that demand can seem mysterious at first, but if you familiarize yourself with the ideas ...

An Excel workbook called DemandCurve.xls provides a simple example of how to use Solver and the Comparative Statics Wizard to set up a standard consumer theory optimization problem and then derive a ...

First SeenFirst seen: The term supply and demand was first seen in Sir James Steuart's 1796 treatise An Inquiry Into the Principles of Political Economy. When figuring out your monthly budget, ...

Derived demand refers to how changing customer preferences or a changing economy affects business-to-business markets. In fact, whether you own a manufacturing company or small-business retail store, ...