Explain the definition of Economics
Explain the definition of Economics?
Expert
a. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants.
b. Human wants are unlimited, but the means to satisfy the wants are limited.
The market system responses the “for whom?” query with: (i) distributing goods on the basis of require. (ii) using central planning to coordinate production decisions. (iii) catering to consumers with adequate resources to demand goods. (i
Illustrate the Law of supply?
Describe the Euro?
Q X= 600- 6PX + 20I +0.4PY c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.
Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.
What do you mean by Linkages?
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
Elucidate Participants in international trade of U.S. and World Trade?
You may use a calculator and MINITAB to conduct the necessary calculations for all questions. Analysis of US GDP and GDP growth rate (1959-2004). The following variables can be retrieved from MIN
The activities of speculators tend to, in the long run: (w) decrease the volatility of prices. (x) attract legal attention resulting in imprisonment. (y) increase the level and volatility of prices. (z) yield tremendous profits and raise costs to cons
18,76,764
1936133 Asked
3,689
Active Tutors
1433827
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!