Difference between normal and inferior goods
Difference between normal goods and inferior goods. Give illustration.
Expert
Normal Goods: These are goods that demand for which increases as income of the buyer rises. There is a positive relationship among income and demand or the income effect is positive. Illustration: Rice and WheatInferior Goods : These are goods that demand for which decreases as income of buyer rises. Therefore, there is negative relationship among income and demand orthe income effect is negative. Illustration: coarse grain and coarse cloth.
Describe unequal burdens of unemployment exist?
Question: 1. Long-term Growth, International Trade & Globalization a. In terms of understanding the importance of trade to an economy, the most impor
I have a problem in economics on Problem regarding private firms. Please help me in the following question. The mass of U.S. output is generated by: (i) Producer cooperatives. (ii) Non-profit organizations. (iii) Private firms. (iv) Government agencie
Explain the foundation of economics where society’s material wants are Resource payments correspond to resource categories?
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
An individual seller within perfect competition will not sell at a price lower than the market price since: w) demand for the product will exceed supply. x) the seller would begin a price war. y) the seller can sell any quantity she desires at the prevailing mar
A grocery store chain is considering ways to improve the performance of the waiting lines at their checkout stands. A heavily trafficked checkout stand is monitored for 120 min. In that period, 60 customers have their groceries rung up, and depart from the store. The
identify the reasons for the formation of organizations
Write down the importance of Earnings per share?
The points on a production possibilities curve communicate to combinations of goods which: (1) Can’t be generated with no technological advances. (2) Utilize all resources fully and efficiently in the production. (3) Can be generated, however use economic capaci
18,76,764
1950574 Asked
3,689
Active Tutors
1434566
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!