What are the various fields of Economics
What are the various fields of Economics? Explain.
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A. Economies in the production: This arises term as follows:
Technological advantages and Advantages of separation of labour and specialization
B. Economies in the marketing:
This facilitates with: Large scale purchase of inputs and Advertisement economies and Economies in large scale distribution as well as other large-scale economies.
C. Managerial economies: This achieves with: Specialization in management and Mechanization of managerial function.
D. Economies into storage and transport
Economies in transportation and storage costs occur form fuller make use of transport and storage facilities.
Explain Economics verse Managerial economics.
Production takes place while: (w) resources are transformed within inputs. (x) goods are transformed in raw materials. (y) inputs are transformed to create them more valuable. (z) capital depreciates. Please choose
The demand for labor is less elastic when: (w) resource substitution is easy. (x) output demand is relatively inelastic. (y) wages are a huge percentage of total cost. (z) firms have more time to adjust to wage changes. Q : Function of Profit Maximization in For a purely competitive firm operating within a competitive labor market as: (1) the marginal resource cost of labor exceeds the wage rate. (2) the supply of labor is perfectly inelastic. (3) total labor costs are independent of the
For a purely competitive firm operating within a competitive labor market as: (1) the marginal resource cost of labor exceeds the wage rate. (2) the supply of labor is perfectly inelastic. (3) total labor costs are independent of the
While an economic change creates one person worse off without influencing anyone else, this is: (w) good for society. (x) an inefficient change. (y) neither bad nor good for society. (z) strictly a macroeconomic issue. Q : Wage Rates and Marginal Resource Costs When a firm is a price taker into the labor market and the wage is $80 daily, the marginal resource cost incurred while hiring 20 more workers daily is: (w) $80. (x) $1600. (y) $800. (z) $400. Q : Objectives ans uses Help to achive the Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
When a firm is a price taker into the labor market and the wage is $80 daily, the marginal resource cost incurred while hiring 20 more workers daily is: (w) $80. (x) $1600. (y) $800. (z) $400. Q : Objectives ans uses Help to achive the Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a moving step to equilibrium at D1L, S0L would be probably to follow from increases in: (w) imports of this good by foreign competitors. (x)
Explain the modern definition of economics?
Along a supply curve for an individual’s labor, there the income effect tends to rise the: (1) supply of work as wages reduce the number of people a firm will hire. (2) demand for leisure as the wage rate and income raise. (3) l
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