Explain the modern definition of economics
Explain the modern definition of economics?
Expert
Prof. Samuelson gave this definition: Economics is the study of how people and society end up choosing, with/without the use of money to utilize scarce productive resources that might have alternative uses to make various commodities and allocate them for consumption among various persons or groups in society. Economics estimates the costs and benefits of making patterns of resources use better.
what is exceptional demand curve and its explanation?
An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated. Q : Explain the cost function in briefly Explain the cost function in briefly.
Explain the cost function in briefly.
Explain about the term smoothing techniques.
A firm is probably to reduce the number of workers this employs when there are: (i) reductions in the wage rate. (ii) increases in the price of the output. (iii) accumulations of specific training from workers. (iv) technological advances which encourage automation. (
Explain the forecasting demand for a new product.
What is Scarcity Definition of economics?
Define the Econometric Methods.
Illustrates the Demand function of a commodity?
Illustrates the term dispersion of phrases of business cycle?
18,76,764
1939461 Asked
3,689
Active Tutors
1415032
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!