If resources were unlimited and freely available
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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If resources were unlimited and freely available, making choices would not be necessary. Every person could have as much as they wanted of any good or service. Science of choice should be unnecessary in Economics.
Problem 2 Consider Garfield's utility function given as U(x1, x2) = x1x2, wher
Describe the Slope of a nonlinear curve?
Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re
Describe unequal burdens of unemployment exist?
Question Discuss the impact of dollar depreciation on the various aspects of American Economy. Devaluation of the DollarIntroduction:
Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.
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 : Ambrose’s budget constraint Question: Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an
Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an
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”.
Contrast how a market system and a command economy try to cope with economic scarcity?
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