ordinal utility
In economics, what is ordinal utility and what are its assumptions
A firm under monopoly a price maker by the reasons shown below:A) The monopolist is a single seller of the product in market. Therefore it has full control over supply.B) There are no close replacements of the monopoly product,
When land that rents for $100,000 yearly can be bought for $800,000 now, it will be a break-even investment when the market interest rate is: (i) 6%. (ii) 10%. (iii) 12.5%. (iv) 15%. (v) 8%. Can anybody suggest me the proper explan
Placing an excise tax upon goods along with low-income elasticities of demand will share out the tax burden as: (1) proportionally between high-income and low-income households. (2) disproportionately on high-income households. (3) disproportionately
The removal of exploitation of labor [that is, wage payments beneath the value to society of each and every individual worker’s productive contribution] is automatic when business decision makers: (v) Should set wages via collective bargaining agreements with th
Question: a) Johnny consumes peanuts (x1) and a composite good (x2). His utility function is U = x1x2. His marginal utilities are MU1 = x<
Barter system: It is the Exchange of goods for goods is termed as barter system.
Any firm which has substantial market power that: (i) confronts a perfectly elastic demand curve. (ii) can sell as much as this wants at the price that chooses. (iii) strongly affects the price of its output. (iv) is one of several firms in an industr
I am facing problem in this question. Help me in find out correct answer of this economic based question. Explain interdependent economy? Illustrate it by using an input-output table and model.
Deriving a production possibilities frontier needs the supposition that: (1) Resources are variable in the supply. (2) There are limitless numbers of goods. (3) Economic growth takes place at a normal rate. (4) All scarce resources are proficiently em
I have a problem in economics on Derived Demand for resources. Please help me in the following question. As demands for the resources ultimately based on consumer’s demands for goods then the demand for labor is: (1) Termed as a derived demand.
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