Explain the definition of Economics
Explain the definition of Economics?
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a. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants.
b. Human wants are unlimited, but the means to satisfy the wants are limited.
Quantity TR TC 0 $0.00 $10.00 1 $150.00 $30.00 2 $290.00 $50.00 3 $420.00 $80.00 4 $540.00 $120.00 5 $650.00 $170.00 6 $750.00 $230.00 7 $840.00 $300.00 8 $920.00 $
Illustrate the term Economic Rationale?
Why businesses are not really “free” to produce what they wish?
If banana divides are $2, CD disks are $10, and SCUBA vacations are $360, then what is the relative cost of a SCUBA vacation in phrases of a CD disk: (i) 36 disks. (ii) 360 disks. (iii) 180 disks. (iv) 20 disks. (v) 3,600 disks. Q : How market system promotes How market system promotes technological improvements?
How market system promotes technological improvements?
Illustrate the term Positive and Normative Economics?
Briefly describe the meaning of Modigliani- Miller (M and M) approach?
Illustrate the characteristics of the Market System?
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Several determinants of demand besides Illustrate the several determinants of demand besides price which affect demand?
Illustrate the several determinants of demand besides price which affect demand?
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