Illustrates fundamental characters of human existence
Illustrates the fundamental characters of human existence given by Lionel Robbins?
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He gave significance to four basic characters of human existence as given below:
1. Unlimited needs- In his definition “ends” consider as to human wants that are boundless or unlimited.
2. Scarcity of means (Restricted Resources) – the resources as time and money are at the disposal of a person to satisfy his wants are restricted.
3. Alternate utilizations of Scares means- Economic resources not just scarce but have alternate uses as well. Therefore, one has to make choice of uses.
4. The Economic Problem –while wants are limitless, means are scarce and have alternate uses, the economic problem occurs. Therefore we need to arrange wants in the order of urgency.
States the functions and responsibilities of managerial economist?
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
An increase within the demand for Swiss cheese will absolutely raise the equilibrium as: (w) price when the supply of Swiss cheese shrinks over the same period. (x) quantity when the supply of cheese shrinks during the same peri
Explain the term Production function.
For labor Plastibristle’s demand for labor is least wage elastic at: (i) point a. (ii) point b. (iii) point c. (iv) point d. Q : Initially purely competitive labor When this purely competitive labor market is firstly into equilibrium at D0L, S0L, raise in labor productivity will result within equilibrium being attained at: (w) D0L, S0L. (x) D1L, S0L
When this purely competitive labor market is firstly into equilibrium at D0L, S0L, raise in labor productivity will result within equilibrium being attained at: (w) D0L, S0L. (x) D1L, S0L
States the Scarcity Definition in economics?
When, for a specified output level, an absolute or perfectly competitive firm's price is less in that case its average variable cost, so the firm: w) is earning a profit. x) must shut down. y) must increase output. z) must increase price. Q : Managerial Economics according to Illustrates the managerial Economics according to Spencer and Siegleman?
Illustrates the managerial Economics according to Spencer and Siegleman?
Illustrates the fixed and variable inputs in economics?
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