Welfare definition of economics
Explain the welfare definition of economics? Why is it criticized?
Explain the term Production function.
If a perfectly competitive firm determines that its market price is below its minimum average variable cost, this will sell: w) the output where marginal revenue equivalents marginal cost. x) any positive output the entrepreneur decid
Differentiate between individual demand schedule and Market demand schedule in law of demand?
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
Define the Revenue Concept in brief.
Illustrates the techniques of economic forecasting in briefly?
Explain the meaning of total, average, marginal and incremental revenue.
THE PRICE OF OIL IS $30 PER BARREL AND THE PRICE ELASTICITY IS CONSTANT AND EQUAL TO -0.5.AN OIL EMBARBGO REDUCES THE QUANTITY AVAILABLE BY 20 PERCENT.USE THE ARC ELASTICITY FORMULA TO CALCULATE THE PERCENTAGE INCREASE IN THE PRICE OF OIL
Firms tend to offer wages which most greatly exceed the wages which workers would earn elsewhere to workers who have: (1) profit-sharing plans. (2) specific training. (3) prenuptial agreements. (4) non-compete clauses in their work contracts. (5) general training.
Define the some criticized highlight points of Adam Smith?
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