Illustrates fundamental characters of human existence
Illustrates the fundamental characters of human existence given by Lionel Robbins?
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He gave significance to four basic characters of human existence as given below:
1. Unlimited needs- In his definition “ends” consider as to human wants that are boundless or unlimited.
2. Scarcity of means (Restricted Resources) – the resources as time and money are at the disposal of a person to satisfy his wants are restricted.
3. Alternate utilizations of Scares means- Economic resources not just scarce but have alternate uses as well. Therefore, one has to make choice of uses.
4. The Economic Problem –while wants are limitless, means are scarce and have alternate uses, the economic problem occurs. Therefore we need to arrange wants in the order of urgency.
Derived demand refers to: (w) consumer demand for products, based on expected utility. (x) government demand for social goods, based upon tax revenue. (y) business demand for resources, based upon consumer demand for products. (z) supplier demand for
A change in derived demand has most clearly occurred when: (1) poker playing increases in popularity since the World Series of Poker is televised. (2) housing sales decline during recessions. (3) ski sales increase when the snow begins to fall in Octo
When the income effect of a higher wage rate is extremely powerful in that case the substitution effect, the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases like income rises. (3) human capital effect is stronger
When all labor were fundamentally very similar then, in long run equilibrium for purely competitive labor markets as: (w) money wages will be equal for all workers. (x) the net advantages of working in various occupations will be equa
The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects
Explain the Cross elasticity of demand.
Illustrates the types of revenue?
Refer to figure as in above. What occurs when the firm produces more than Q4 units: w) Its profit raises. x) this makes a loss. y) Its total revenue is increasing quicker than its whole cost. z) this could make a profit or a loss depending upon what occurs
Explain the term relatively inelastic demand.
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
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