Define Marginal rate of Substitution or MRS
Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.
Economic questions involving both microeconomics and macroeconomics would take in the effects on allocative efficiency and economic development of: (i) War within the Middle East and skyrocketing international prices
The equilibrium prices for cranberries within the short run of: (w) P1. (x) P2. (y) P3. (z) P4. Q : Prices and costs of investment goods The prices and costs of investment goods do not be likely to: (1) rise during periods of prosperity. (2) rise as demand for these goods increases. (3) fall throughout economic slumps. (4) fall as demand for these goods decreases. (5) fall as a result
The prices and costs of investment goods do not be likely to: (1) rise during periods of prosperity. (2) rise as demand for these goods increases. (3) fall throughout economic slumps. (4) fall as demand for these goods decreases. (5) fall as a result
Total fixed cost: 1. Fixed cost remains constant at each level of output ie it do not change with change in quantity.2. It can not be zero when output is zero.3. Its curve is parallel to X-aixs4.
When technological advances within agriculture generate bumper crops of farm products for that demands are relatively price inelastic, in that case the: (w) average income of farmers will decline relative to per capita income for the
The fundamental reason for financial intermediary’s presence is to: (1) Facilitate beginning new business firms by employing internal financing. (2) Help business organizations comply with laws needing the financial intermediation. (3) Minimize
When the equality standard of income distribution were adopted: (w) people would be paid the values of their marginal products. (x) family incomes would be identical for families of all sizes. (y) poets and engineers would have the same incomes. (z) g
You are provided a bond which will pay no interest however will return the par value of $1,000 20 years from now. When your needed return for this bond is 7.35%, what are you willing to reimburse or pay?
Prices cross elasticity of demand of two between cable TV and VCRs entails that such goods are: (1) complementary goods. (2) substitute goods. (3) negatively associated goods. (4) a luxury and a need, respectively. (5) both inferior goods.
Income elasticity of demand: Income elasticity of demand is the degree of receptiveness of demand to the modification in income. Discover Q & A Leading Solution Library Avail More Than 1419275 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1933416 Asked 3,689 Active Tutors 1419275 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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