Define budget line
Budget line: Budget line exhibits all combinations of two goods which a consumer can purchase with his income at a specified price.
What happened when demand and supply curve do not intersect with each other? Answer: The outcome is: Economically non–viable industry.
What is Average Total Cost. Also write down its formula?
The Characteristics common to most of the successful entrepreneurs do not comprise: (1) Vision and timing. (2) Conviction and action. (iii) Luck and the bureaucratic one-upmanship. (iv) Determination and workaholics. Can someone pl
At the highest average rate an excise tax will tax low incomes while: (1) only luxuries are taxed. (2) goods along with the highest income elasticity of demand are exempt. (3) goods along with the lowest income elasticity of demand are exempt. (4) no
I have a problem in economics on Existence of Diseconomies. Please help me in the following question. Diseconomies of the scale exist if: (1) Price reduces as more units are sold. (2) Total costs reduction as output raise. (3) Average costs raise as output rises. (4)
If the government puts a rent ceiling of $650 a month, what is the rent paid and how many rooms are rented? Explain why?
The most important declines in opportunity costs of multiple goods for the consumers and greatest rises in the value of net production for all societies everywhere tend to be realized whenever production is organized in accord by: (1) The optimal clas
These supply and demand curves for housing do NOT involve that the: (w) demand for housing has increased. (x) supply has increased, because rental price has risen. (y) equilibrium price and quantity of housing have increased. (z) housing market will c
Price-maker firms would most likely comprise: (1) a tomato farmer in California. (2) a sheep herder who produces wool in a remote part of New Zealand. (3) a stock broker who contacts customers through the internet. (4) a rural grocery store. (5) the b
What is involuntary unemployment: The people who are willing to work at given wage rate do not obtain work.
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