Explain the following from Hull, England a news dispatch
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Expert
The shortage of potatoes either meant they were not available in the required quantities at any price (i.e., that the quantity demanded greatly exceeded the quantity supplied at the market price, for that is how a “shortage” is defined) or that there was an exceptional scarcity of potatoes so that their price was far above normal. In several occasion, restaurants might not get enough potatoes at what they considered profitable prices.
Fish and chips are complements. The sharp increase in the price of potatoes (because of decreased supply) has led to a decreased demand for fish and to a subsequent drop in its price to “a disastrous level.”
Illustrate the term Positive and Normative Economics?
Question: In June 2005, a Big Mac sold for 6,000 pesos in Colombia and $3.00 in the United States. The exchange rate in June 2005 was 2,300 pesos per US Dollar. So, on Big Mac purchasing power parity gr
Describe the meaning of the term “invisible hand.”
Define the term Weak-form market efficiency. Explain briefly.
Explain: “Exchange is the necessary consequence of specialization.”
As illustrated by Adam Smith that there are two innate psychological attributes of humans. One is which people have a powerful wish to better their individual circumstances. The other is as human beings so we are: (1) more interested
In modern parlance, David Hume statement regarding money which is Tis none of the wheels of trade. And tis the oil, was referring to the notion that money: (i) is relatively costly to produce. (ii) facilitates divisions of labor and specialization and
I am facing difficulty in this question. Help me in find out correct answer of this economy based question. From heterodox perspective, why do business enterprises choose administered prices as opposed to highly flexible prices?
Describe the duty of bondholders in a bond?
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
18,76,764
1942857 Asked
3,689
Active Tutors
1435277
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!