Difference between normal and inferior goods
Difference between normal goods and inferior goods. Give illustration.
Expert
Normal Goods: These are goods that demand for which increases as income of the buyer rises. There is a positive relationship among income and demand or the income effect is positive. Illustration: Rice and WheatInferior Goods : These are goods that demand for which decreases as income of buyer rises. Therefore, there is negative relationship among income and demand orthe income effect is negative. Illustration: coarse grain and coarse cloth.
I have a problem in economics on Resources of private Capitalism. Please help me in the following question. The Private individuals own most resources and find out how they will be employed in an economic system of: (1) Socialism. (2) Capitalism. (3)
The study of economics is MOST frequently divided within: (1) positive economics and negative economics. (2) macroeconomics and microeconomics. (3) subjective economics and objective economics. (4) supply side and demand side economics. (5) conservative economics and
Give a brief introduction of the term Cost of retained earnings?
Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo
Explain the statement: “Facts serve to sort out good and bad hypotheses.”?
Question: (a) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Specify and explain the shapes of the marginal-benefit and marginal-cost curves and use these curves to determine the optimal allocation of resources to a particular product. If current output is such that marginal cost exceeds marginal benefit, should more or l
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies
18,76,764
1952637 Asked
3,689
Active Tutors
1423359
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!