Explain the modern definition of economics
Explain the modern definition of economics?
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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.
Explain the external economies of scale.
When comparing such labor supplies in this illustrated figure, this is clear that the income effect of a change within wage rates is: (w) positive for Morgan and negative for Chandra. (x) more powerful than the substi
Illustrates the Objectives of managerial economics?
Explain the forecasting demand for a new product.
Define the term cost plus pricing.
An investment in specific human capital arises while: (w) Chandra learns Japanese to be eligible for a potential job in Tokyo. (x) Chele has a face lift so she can increase her fees for high-fashion modeling. (y) Chelsea practices playing a harp and a
Firms adjust their inputs of labor or other resources till: (w) revenue is maximized. (x) employment is maximized. (y) marginal product of labor is maximized. (z) profit is maximized. Please choose the right answer
The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects
Explain the cost function in briefly.
Explain the reasons for demand curve slopes downward.
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