Define Inferior good
Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.
Production possibility curve or PPC: PPC exhibits different combination of a pair of goods, that can be produced with the given resources and method of production, that are fully and proficiently utilized.
In an economy 75% of increase in income is spent on the consumption. Investment raised by Rs. 1000 Crore. Compute: (A) Total increase in income(B) Total increase in consumption expenditure
The demand curve that facing a monopolistically competitive firm is: (1) perfectly elastic within the short run. (2) perfectly inelastic due to numerous substitutes for its product. (3) less elastic than the demand curve facing a comp
The price a firm acquires from selling an extra unit of output, minus any revenue lost when price should be reduced in all other units sold, equals: (1) average revenue. (2) marginal profit. (3) mark-up price. (4) marginal revenue. (5) total revenue.<
Write down the differentiations between monopoly competition and perfect competition?
Assume that Babble-On’s patents for speech-translation software covering 314 languages lapsed, as well as entry of new competitors within this market eroded the demand for Babble-On software, but the firm retains several market powers since competitors’ pr
I have the quantity functions of demand and supply for two different goods, and I have to find the equilibrium of both the goods. Would I make all four functions equal to each other to find the equilibrium for the two goods? Or am I supposed to do something else?
Can someone please help me in finding out the accurate answer from the following question. Alfred Marshall classification of analytical time specified that in long run it is: (i) Not possible to differ technology and at least one resource is fixed and hence at least o
Most traditional transfer in kind helps programs: (w) increased benefits for every dollar earned. (x) reduced benefits by $1 for every dollar earned. (y) reduced benefits by less than $1 for each dollar earned. (z) reduced benefits by more than $1 for
When the U.S. imposes quotas which restrict imports of textiles from China, this decrease the: (w) demand for textiles within the U.S. (x) supply of Chinese textiles to Europeans. (y) supply of textiles in the U.S. (z) incomes of U.S. textile makers. Discover Q & A Leading Solution Library Avail More Than 1444438 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1925316 Asked 3,689 Active Tutors 1444438 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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