Explain of the law of demand
Explain of the law of demand?
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a. Diminishing marginal utility: The decrease in added satisfaction that results as one consumes additional units of a good or service, i.e., the second “Big Mac” yields less extra satisfaction (or utility) than the first.
b. Income effect: A lower price increases the purchasing power of money income enabling the consumer to buy more at lower price (or less at a higher price).
c. Substitution effect: A lower price gives an incentive to substitute the lower-priced good for now relatively higher-priced goods.
Why are democratic regimes more conducive to economic growth than dictatorship
Explain and give an illustration of (a) the fallacy of composition; and (b) the “after this, therefore because of this” fallacy. Why are cause-and-effect relationships difficult to isolate in the social sciences?
Write down the theories of capital structure?
Growth is a significant economic goal. Explain?
Briefly describe the term explicit cost and implicit cost?
What do you understand by the term internal rate of return?
Elucidate the gains that have occurred using the resources as before specialization?
Elucidate redistribution of income?
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
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