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.
Describe the Personal distribution of income?
Give a brief introduction of the term combined leverage? And in what manner it is calculated?
‘Mama’ Jean consists of one employee bake crumbly, graham cracker crusts at Mama’s Home-Pies, whereas the other stirs gooey, hot, apple filling. Her staff is organized in accord with a/an: (1) Task management system. (2) Division of labor. (3) Compar
Question: Max has a utility function U =√ x1x2 where x1 is litres of ice-cream and x2 is boxes of strawberries. The marginal utility of a litre if ice-cream is
Illustrate the rate of exchange of two products?
Questions: 1: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice. Q : Illustrate Scarcity and choice of Illustrate Scarcity and choice of Economic Perspective?
Illustrate Scarcity and choice of Economic Perspective?
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
Give a brief introduction of the term Cost of preference shares?
Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please
18,76,764
1960481 Asked
3,689
Active Tutors
1421848
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!