Explain the modern definition of economics
Explain the modern definition of economics?
Expert
Prof. Samuelson gave this definition: Economics is the study of how people and society end up choosing, with/without the use of money to utilize scarce productive resources that might have alternative uses to make various commodities and allocate them for consumption among various persons or groups in society. Economics estimates the costs and benefits of making patterns of resources use better.
Illustrates the economies of scale are categorization?
I have a problem in economics on Resources. Please help me in the following question. The depletion of the fossil fuel reserves will cause the world’s production possibilities frontier to shift: (i) Outward and decrease capacity
Suppose that the auto market started at the intersection of S0 and D0, and subsequently higher labor costs drove up prices for latest cars. How will it influence the market for automobiles?: (w) Higher wages for auto workers drive up the total ma
Explain the objectives of pricing policy and its aim.
What are the main features of managerial economics?
Explain the term relatively inelastic demand.
The supply of labor within a perfectly competitive market is: (w) an upward sloping curve. (x) a horizontal line. (y) above the MRC. (z) below the MRC. Hello guys I want your advice. Please recommend some views for
Define the term business forecasting briefly.
When this purely competitive labor market is firstly in equilibrium at D0L, S0L, a move to equilibrium at D1L, S0L would be inconsistent along with increases in: (w) the price of output. (x) labor productivi
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
18,76,764
1935754 Asked
3,689
Active Tutors
1444054
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!