Illustrate the Optimal or best product-mix
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Expert
Optimal or best product-mix:
1. It will be some point on the curve.
2. The exact point depends on society; this is a normative decision.
Law of increasing opportunity costs:
1. The amount of other products that must be foregone to obtain more of any given product is called the opportunity cost.
2. Opportunity costs are measured in real terms rather than money (market prices are not part of the production possibilities model.)
3. The more of a product produced the greater is its (marginal) opportunity cost.
4. For increasing opportunity cost the slope of the production possibilities curve becomes demonstrating as well as steeper. This constructs the curve as it emerges concave from the origin and bowed out.
Difference between normal goods and inferior goods. Give illustration.
Describe briefly high financial leverage, low operating leverage?
The utilitarianism of Jeremy Bentham would clash most strongly along with the philosophic principles of: (w) the epicureans who followed the teachings of Epicurus [c. 341 to 271 BC]. (x) hedonism. (y) the Greek philosophers and mediev
An increase within demand for "green-certified" products will ________ a firm's economic profit, and the raise within costs to have a product certified like "green" will ________ a firm's economic profit: w) increase; increase x) increase; decrease y)
Define the following terms?
Question: To determine the real exchange rate, what two pieces of information do you need in addition to the nominal exchange rate? Answer: Q : National currencies of foreign exchange Elucidate various national currencies of foreign exchange market?
Elucidate various national currencies of foreign exchange market?
Describe unequal burdens of unemployment exist?
Explain increased global competition?
Use the circular flow model to confirm this assertion for a $1 per hour increase in the minimum wage?
18,76,764
1927739 Asked
3,689
Active Tutors
1424280
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!