Merits and demerits of Scarcity Definition of economics
What are the merits and demerits of Scarcity Definition of economics?
Expert
The merits of scarcity definition are: i) This definition is analytical. ii) Universal in application. iii) Considering the concept of opportunity cost and a positive study.
Limitations of Scarcity Definition of economics are: i) It is too narrow and too wide. ii) It offers only light but not fruit iii) It is confined to micro analysis and ignores the growth economics.
When all markets wherein a firm operates are purely competitive, in equilibrium the marginal resource cost of labor is the same to the: (w) firm’s marginal revenue. (x) marginal cost of output. (y) wage rate the firm must pay to hire more worker
Inefficiency may exist within a labor market while a firm only hires labor up to a certain point where: (w) the value of labor’s marginal product equals the wage rate. (x) VMP > MRC. (y) MPPL = w/P. (z) the last unit of labor adds as much to
Increasing the wage rate increases total wages received through workers when the demand for labor is: (w) relatively elastic. (x) relatively inelastic. (y) unitarily elastic. (z) perfectly elastic.
What are the responsibilities of managerial economists?
Define the areas of Scope of Managerial /Business Economics?
Firms adjust their inputs of labor or other resources till: (w) revenue is maximized. (x) employment is maximized. (y) marginal product of labor is maximized. (z) profit is maximized. Please choose the right answer
Who is the father of economics and what is wealth definition of economics?
When a firm is a price taker in the sale of its product, in that case labor’s: (w) ARP (Average Revenue Product) = MRP. (x) ARP = VMP. (y) VMP > MRP. (z) VMP = MRP. Can someone explain/help me with best so
Production takes place while: (w) resources are transformed within inputs. (x) goods are transformed in raw materials. (y) inputs are transformed to create them more valuable. (z) capital depreciates. Please choose
The arc elasticity of Plastibristle’s demand for labor between point a and point b is: (1) 0.375. (2) 0.667. (3) 0.833. (4) 1.200 (5) 2.000. Discover Q & A Leading Solution Library Avail More Than 1430589 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1931757 Asked 3,689 Active Tutors 1430589 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1931757 Asked
3,689
Active Tutors
1430589
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!