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.
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A labor market operates inefficiently when labor is hired only up to a point where, that the last worker: (1) VMP = w. (2) VMP minus MRC exceeds zero and is maximized. (3) P x MPPL = w. (4) added total revenue equals added total cost. Q : Economic Efficiency to make one person When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to
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States the functions and responsibilities of managerial economist?
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Define the term cost plus pricing.
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