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.
Refer to below figure. Assume that the firm is currently producing Q2units. What occurs if this expands output to Q3units: w) Its profit raises by the size of the vertical distance df. x) this makes less profit. y) this incurs a loss. z) this wil
A firm’s demand for labor tends to be additional wage-elastic while: (1) the price elasticity of demand for output is greater. (2) substituting capital for labor is harder. (3) unskilled workers join unions. (4) labor costs are
Suppose that the auto market started at the intersection of D0S0, and in that case automakers opened foreign assembly plants after discovering which competent foreign employees worked for minor wages. How would it influence the auto market?: (
dear Please read carefully about in structure and requirement of the assessment. I need quality work with academic writing with less than 5% similaraies and make sure if any studens ask same assessment to avoid plagiarism
Which of the given statements is not CORRECT: (w) Acquiring productive skills is known as investment in human capital. (x) General training increases a worker’s marginal productivity equally for many firms. (y) Specific training increases the productivity of the
Illustrations of economic capital would NOT contain: (i) an accountant's computer. (ii) 1,000 shares of stock within Google. (iii) a sixteen-pound sledgehammer. (iv) tires upon an eighteen-wheeler truck. (v) paper into the printer of a romance novelis
Compared to men along with similar amounts of education or experience, women onto average earn: (1) higher wages. (2) similar wages. (3) lower wages. (4) There is no general pattern. Can someone explain/help me with best solution a
Explain the concept of revenue.
Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?
Illustrates the Importance of managerial economics?
18,76,764
1943128 Asked
3,689
Active Tutors
1460187
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!