Merits and demerits of Scarcity Definition of economics
What are the merits and demerits of Scarcity Definition of economics?
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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.
demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,000) (120) (80) (800) R2 = 91% Here QY is quantity (measured in units) of Product Y demanded in the current period, A is hundreds of dollars of advertising ($00), I is thousands of dollars of disposable income per ca
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An unexpectedly good agricultural harvest because of the: (w) profits of most speculators to soar. (x) population growth rate to accelerate. (y) market demand and price to increase. (z) quantity of food demanded to develop. I need
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Firms tend to offer wages which most greatly exceed the wages which workers would earn elsewhere to workers who have: (1) profit-sharing plans. (2) specific training. (3) prenuptial agreements. (4) non-compete clauses in their work contracts. (5) general training.
Illustrates the significance of elasticity?
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