Millions of economic resources tend to get arranged logicall
What explains why millions of economic resources tend to get arranged logically and productively rather than haphazard and unproductively?
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Through the ownership of private property, resource owners will choose to use their resources in a manner that will maximize benefits to themselves (the invisible hand). This will result in the resources being utilized in the way that will best serve human goals (allocative fficiency).
Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54
surpluses drives price down,shortages drive up
Briefly explain the term Earnings per share (or EPS)?
Explain: “Affluence tomorrow requires sacrifice today.”
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
Question 7: You are given the following data about two firms: FIRM A Quantity 0 1 2 3 4 5 6 Total revenue ($) 0 10 20 30 40 50 60 Average revenue ($) ___ ___ ___ ___ ___ ___ ___ Marginal revenue ($) ___ ___ ___ ___ ___ ___ Total cost ($) 30 42 50 60 76 100 14
Describe unanticipated inflation?
Write down the importance of Price Earnings Ratio?
Adam Smith and the “typical liberal” economists who followed within his footsteps viewed persistent monopolization and market power as: (1) ineffective and best regulated through government. (2) crucial in finding the rate of technological
Why Public or social goods not be produced through the market?
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