Explain opinion of Stonier and Hague for Demand in economics
Illustrates the opinion of Stonier and Hague for explaining Demand in economics?
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According to Stonier and Hague, “Demand in economics implies demand backed up by sufficient money to pay for the goods demanded”. Conversely, demand means the desire backed through the willingness to buy a commodity and purchasing power to pay. Therefore desire alone is not adequate. There should have necessary purchasing power, that is, cash to purchase it. For illustration, everyone desires to posses Benz car but only some have the capability to buy it. Therefore everybody cannot be said to have a demand for the car. Therefore the demand has three essentials-Desire, Purchasing Willingness and power to purchase.
The social value of the extra output by additional units of labor is: (1) marginal revenue product of labor. (2) price of labor. (3) average revenue product of labor. (4) value of the marginal product of labor. (5) marginal resource cost of labor. Q : Move downward demand for labor The The demand for labor would move downward like a consequence of: (w) grocery stores buying fewer automatic check-out touchpad computers, and in place of relying more heavily on cashiers to ensure friendly interactions along with customers. (x) declines
The demand for labor would move downward like a consequence of: (w) grocery stores buying fewer automatic check-out touchpad computers, and in place of relying more heavily on cashiers to ensure friendly interactions along with customers. (x) declines
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