Explain opinion of Stonier and Hague for Demand in economics
Illustrates the opinion of Stonier and Hague for explaining Demand in economics?
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According to Stonier and Hague, “Demand in economics implies demand backed up by sufficient money to pay for the goods demanded”. Conversely, demand means the desire backed through the willingness to buy a commodity and purchasing power to pay. Therefore desire alone is not adequate. There should have necessary purchasing power, that is, cash to purchase it. For illustration, everyone desires to posses Benz car but only some have the capability to buy it. Therefore everybody cannot be said to have a demand for the car. Therefore the demand has three essentials-Desire, Purchasing Willingness and power to purchase.
Extra revenue by the extra output produced from an additional unit of a resource is the marginal resource: (1) profit to the firm. (2) revenue product. (3) iso-utility curve. (4) resource cost. (5) productive value. Q : Substantial amounts of A currently-laid-off worker is probably to find another job quickly when the worker has substantial amounts of: (i) unemployment compensation and a strong union. (ii) specific human capital gained at the previous job. (iii) screening,
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