Explain of the law of demand
Explain of the law of demand?
Expert
a. Diminishing marginal utility: The decrease in added satisfaction that results as one consumes additional units of a good or service, i.e., the second “Big Mac” yields less extra satisfaction (or utility) than the first.
b. Income effect: A lower price increases the purchasing power of money income enabling the consumer to buy more at lower price (or less at a higher price).
c. Substitution effect: A lower price gives an incentive to substitute the lower-priced good for now relatively higher-priced goods.
When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
Why Public or social goods not be produced through the market?
What are the dependencies in U.S. and World Trade?
Describe Quasi-public goods?
Instruction: McDonald's vs. Burger King - these two fast food chains use different waiting line design: Independent queue vs. pooled queue. To compare the two different queue systems on equal footing, let's assume that we pick a McDonald's sto
Explain how government might manipulate its expenditures and tax revenues to reduce rate of inflation?
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
Cost of debt= (1-tax rate)* interest rate * (debt ÷capital employed)Cost of equity = risk free rate + market premium (equity shareholders funds÷ capital employed)
Can someone help me in finding out the right answer from the given options. The Taft Hartley Act of 1946 made it illegal to encompass a: (1) Right-to-work law passed by the state legislature. (2) Conviction for the misdemeanor and serve as union officer. (3) Union for the agricultural migrants or go
18,76,764
1956334 Asked
3,689
Active Tutors
1421974
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!