Curiosity!

Curiosity Feed is super curious on anything regardless!

Sunday 4 November 2018

Assumptions about indifference curves and reasoning lies behind them

There are a few standard assumptions about what an indifference map can and cannot look like. Which are these assumptions, and what reasoning lies behind them?
Assumptions about indifference curves:
1) A consumer always prefers points that are to the northeast of a given point and, vice versa, prefers a given point to all points southwest of it. This depends on the assumption of non-satiation. This implies that an indifference curve cannot slope upwards.
2) For the same reason, indifference curves that lie northeast of a given indifference curve must correspond to a higher level of utility.
3) The slope of an indifference curve diminishes as quantity increases (i.e. to the right in a graph). This depends on the diminishing marginal utility of consumption.
4) Two indifference curves cannot intersect. This is easy to see if one thinks of indifference curves as elevation contours on a map.

What are the significance of supply and demand curve?

What are the significance of supply and demand curve?
Economists use the model of supply and demand to analyze competitive markets. In a competitive market, there are many buyers and sellers, each of whom has little or no influence on the market price.
The demand curve shows how the quantity of a good demanded depends on the price. According to the law of demand, as the price of a good falls, the quantity demanded rises. Therefore, the demand curve slopes downward.
In addition to price, other determinants of how much consumers want to buy include income, the prices of substitutes and complements, tastes, expectations, and the number of buyers. If one of these factors changes, the demand curve shifts.
The supply curve shows how the quantity of a good supplied depends on the price. According to the law of supply, as the price of a good rises, the quantity supplied rises. Therefore, the supply curve slopes upward.
In addition to price, other determinants of how much producers want to sell include input prices, technology, expectations, and the number of sellers. If one of these factors changes, the supply curve shifts.
The intersection of the supply and demand curves determines the market equilibrium. At the equilibrium price, the quantity demanded equals the quantity supplied.
The behavior of buyers and sellers naturally drives markets toward their equilibrium. When the market price is above the equilibrium price, there is a surplus of the good, which causes the market price to fall. When the market price is below the equilibrium price, there is a shortage, which causes the market price to rise.
To analyze how any event influences a market, we use the supply-and-demand diagram to examine how the event affects equilibrium price and quantity. To do this we follow three steps. First, we decide whether the event shifts the supply curve or the demand curve (or both). Second, we decide which direction the curve shifts. Third, we compare the new equilibrium with the initial equilibrium.
In market economies, prices are the signals that guide economic decisions and thereby allocate scarce resources. For every good in the economy, the price ensures that supply and demand are in balance. The equilibrium price then determines how much of the good buyers choose to purchase and how much sellers choose to produce.

Why mixed economies exist?



Why mixed economies exist?
Mixed economies exist for better allocation of resources:
1) Private sector functions on profit basis producing goods and services that are in demand
2) Public sector caters to the social interests of the economy, producing goods and services that are: a) Intrinsically desirable b) Collectively consumed c) Zero-priced d) Not produced by the private sector e) Inadequately produced by the private sector
The government could also provide Planning and Guidelines on what to produce, how to produce, how to distribute and so on.
The government also provides the legal framework for the smooth functioning of the price mechanism in the form of rules, regulations and laws as well as the judiciary system
The government acts to prevent exploitation, Reduce income inequality, Reduce unemployment and increase employment
Generate economic growth and development
Maintain price stability
The main aim of government is to complement the private sector and not to replace it.

Saturday 20 October 2018

Which is the longest word in English?

English has been one of the most peculiar language in the world. Not only we are being slapped with different tone and pronunciation for almost similar style of writing, for example: tough, though, rough, etc. The language is also a surprise as you can find the longest word in English accounts for more than 45 letters! 

The longest word in English is  

PNEUMONOULTRAMICROSCOPICSILICOVOLCANOCONIOSIS 

but wait, this particularly long word also has the other version of spelling (sigh, talks about headache!).

It can also be spelled

PNEUMONOULTRAMICROSCOPICSILICOVOLCANOKONIOSIS) 

which carries the meaning of

"a lung disease caused by breathing in particles of siliceous volcanic dust".

 This is the longest word in any English dictionary and worry not, you might not be using this word sooner or later unless you are a doctor or trying to explain to someone having this kind of disease.

Can you solve this Chinese Elementary level Maths question?

China is no doubt famous for its highly intelligent people especially in the area of Mathematics. So, no wonder Chinese people have mastered and controlled businesses and economies around the globe. Recently, one Maths question from Chinese elementary school has been a talk of the town and this viral question really strikes the mind of many adults!

Try it out if you can solve this question

What is the height of the table from this given figure.

the answer will be stated below at the end of the post. So make sure to try it out first before you peek the answer :D

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The answer is 150 cm

So, do you manage to figure it out yourself? 

Monday 15 October 2018

Which country is in 2 different continents?



Portugal: Continental Portugal is in Europe, while the Azores archipelago (also associated with Europe) has two islands (Corvo and Flores) that are part of the American plate (which makes it a tricontinental country).


Wednesday 11 July 2018

Do Your Skin Need Antioxidants for a Glowing Complexion?





Although there is no conclusive proof that antioxidants keep skin from aging, experts do agree they have the ability to capture free radicals and may protect us from certain diseases. Antioxidant-rich foods can also give us a healthier, glowing complexion.


According to Susan M. Kleiner, R.D., Ph.D, a Seattle-based nutritionist, eating foods rich in antioxidants is best. There is no substitute for getting nutrients through food. The body absorbs and assimilates them far better than in supplement form.î

Kleiner suggests following the U.S. Department of Agricultureís Food Guide Pyramid, and eating three to five servings of vegetables and two to four servings of fruit each day. Choose at least one citrus fruit, such as an orange, a tangerine, or a grapefruit, for vitamin C. To increase beta-carotene intake, eat at least two orange-yellow or leafy green vegetables each day.

Eat Right for Younger Looking Skin

Eating healthy equals younger looking skin. Drinking a cup of orange juice and eating one raw carrot provides twice the Recommended Dietary Allowance (RDA) of vitamin C and beta-carotene. The RDA for vitamin E is harder to meet, especially for those on a low-fat diet.

ìDonít be afraid to add a couple of tablespoons of olive oil to your diet, or to eat some nuts or seeds,î advises Dr. Kleiner.

The following guideline can be used for RDAs for three of the most common antioxidant nutrients, vitamin C, vitamin E, and beta-carotene; good sources and how best to maximize benefits of each are included.

Vitamin C:  RDA at least 60 mg. (1/2 cup orange juice = 70 mg.)  Citrus fruits and juices and tomatoes are good sources of vitamin C. Eat whole fruit for extra fiber. Avoid juice in glass containers, and heat-pasteurized juice. Light and heat destroy some of the vitamin C.

Vitamin E:  RDA 8 mg for women / 10 mg. for men (1 tablespoon of canola oil = 9 mg.)  Good sources include nuts, seeds and their oils, fatty fish such as salmon, mackerel, halibut, and trout, and wheat germ. Use canola, olive, or another vegetable oil in place of butter or margarine when cooking.

Beta-carotene:  no established RDA. Expert Dr. Kleiner, however, recommends 5-6 mg. ( One carrot = 12 mg.)  Orange and yellow vegetables, and leafy green vegetables, including broccoli, are all good sources. Instead of potato chips or popcorn for an evening snack while watching television, opt for prepackaged, washed and peeled baby carrots.

If you feel you are unable to meet the RDAs through diet alone, by all means take an all-in-one antioxidant vitamin supplement a day, but continue to pay attention to rich food sources.


Sunday 8 July 2018

How is hair produced and how does it grow?

Hair is simple in structure, but has important functions in social functioning. Hair is made of a tough protein called keratin. A hair follicle anchors each hair into the skin. The hair bulb forms the base of the hair follicle. In the hair bulb, living cells divide and grow to build the hair shaft. Blood vessels nourish the cells in the hair bulb, and deliver hormones that modify hair growth and structure at different times of life.Hair is made of a tough protein called keratin.

A hair follicle anchors each hair into the skin. The hair bulb forms the base of the hair follicle. In the hair bulb, living cells divide and grow to build the hair shaft.

Friday 6 July 2018

Do your eyes ever grow?

Human beings grow from small baby to large adult and we can see over time especially during puberty our height increases and our hands and legs getting bigger and longer. But a question arises whether or not our eyes ever grow?

And guess what!

The eyeball is the only organism which does not grow from birth. It is fully grown when you are born. When you look at a baby's face, so see mostly iris and little white. As the baby grows, you get to see more and more of the eyeball.

What product had the first barcode stamped on it?

A barcode (also bar code) is an optical, machine-readable, representation of data; the data usually describes something about the object that carries the barcode. Traditional barcodes systematically represent data by varying the widths and spacings of parallel lines, and may be referred to as linear or one-dimensional (1D).

George J. Laurer is considered the inventor of U.P.C. or Uniform Product Code, which was invented in 1973. In June 1974, the first U.P.C. scanner was installed at a Marsh's supermarket in Troy, Ohio.

The first product to have a barcode included was a packet of Wrigley's Gum.

Which African country is not a member of the African Union?

Africa is one of the biggest continent in the world and there are about 54 countries in the African continent alone! (According to the statistics by United Nation).

However big the African is there is a country that does not join the African Union. Guess which country?

Morocco.

Morocco is the only African country not to have joined the AU. It left the Organization of African Unity in 1984, after the OAU granted membership to the Saharan Arab Democratic Republic set up by the independence movement in the disputed territory of Western Sahara.