Illustrate the Optimal or best product-mix
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Expert
Optimal or best product-mix:
1. It will be some point on the curve.
2. The exact point depends on society; this is a normative decision.
Law of increasing opportunity costs:
1. The amount of other products that must be foregone to obtain more of any given product is called the opportunity cost.
2. Opportunity costs are measured in real terms rather than money (market prices are not part of the production possibilities model.)
3. The more of a product produced the greater is its (marginal) opportunity cost.
4. For increasing opportunity cost the slope of the production possibilities curve becomes demonstrating as well as steeper. This constructs the curve as it emerges concave from the origin and bowed out.
The utilitarianism of Jeremy Bentham is generally closely akin to the philosophies of: (1) Epicurianism and hedonism. (2) pragmatism and instrumentalism. (3) asceticism and stoicism. (4) dialecticism and materialism. (5) fundamentalism and predestinat
Consider a huge group of identically smart and strong industrious workers. All else identical, Adam Smith would predict such that the lowest average wages would be earned through the workers who were in the work that: (1) had the leas
Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re
What are the major provisions of GATT
What do you mean by Linkages?
Why entertainment tax comes in indirect tax? Answer: Since its burden can be shifted to others.
Why is the problem of unemployment a part of the subject matter of economics?
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
Question: Was the stimulus package passed in 2009 as success? In answering this question the focus should be the articles on the syllabus, but you should also include opinions of other commentators. Your answer should also describe w
18,76,764
1922683 Asked
3,689
Active Tutors
1457100
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!