Explain the behavior of the workers
Use the economic perspective to explain the behavior of the workers? Why do they work so diligently?
Expert
Workers at the fast-food restaurant are also engaging in rational behaviour attempting to achieve maximum fulfillment of their goals. Every worker is considered the opportunity cost of being in the restaurant rather than participating in the activity that is perceived as the next best alternative (say, cruising around in their cars).
The diligence observed is a function of their desire to maintain employment and the marginal benefit they receive from another day’s pay. Most among them quit their jobs after high school graduation because they receive more highly valued offers for the use of their time.
Illustrate the Public Sector Government’s Role of providing the legal structure?
What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?
Write short note on Demand, Supply and Equilibrium?
According to Adam Smith nation's wealth is, not the gold this possesses, but somewhat it’s: (1) number of people. (2) capability to give goods for its people. (3) foreign investments. (4) domestic financial capital. (5) militar
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Describe unequal burdens of unemployment exist?
Describe the meaning of the term “invisible hand.”
When turkey is $1 per pound and the relative price of ham to turkey is 2, in that case a pound of ham costs: (i) 50 cents. (ii) 1/2 pound of turkey. (iii) 2 pounds of turkey. (v) 12 pesetas. (iv) 5 euros. How can I
Question: 1. Long-term Growth, International Trade & Globalization a. In terms of understanding the importance of trade to an economy, the most impor
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good. Answer:
18,76,764
1927266 Asked
3,689
Active Tutors
1459307
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!