Describe the Functional distribution of income
Describe the Functional distribution of income?
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1. Wages and salaries are 70 percent of total.
2. Income of Proprietor is under 10 percent of total that the income to self employed business owners, doctors, lawyers, etc. This is a combination of wage and profit income.
3. Less than one-fifth of total of Corporation profits, Capitalist income, interest, rent. (Note: rent may be negative because of the depreciation charged against rental income.)
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
Question: Suppose three identical firms are engaged in Cournot competition in quantities. They all have marginal costs equal to 40. Market demand is given by: Q : What are the scientific method that What are the scientific method that Economists use to establish theories, laws, and principles?
What are the scientific method that Economists use to establish theories, laws, and principles?
Favor laissez- faire economic policies tended by Adam Smith, who also: (w) saw the requirement for several state intervention. (x) believed there were no conditions in which the government must intervene. (y) supported most government
Briefly describe Net income approach? Named who recommended this theory?
Explain by giving example of an absolute advantage in production of two products?
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
Illustrate Scarcity and choice of Economic Perspective?
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