ordinal utility
In economics, what is ordinal utility and what are its assumptions
The form of elasticity which economists commonly state like an absolute value since this is classically negative is the: (1) price elasticity of supply. (2) income elasticity of demand. (3) price-cross elasticity of supply. (4) price-
When 200,000 gallons of water are applied per acre, 4 tons are harvested by each acre of linguini trees yearly, but cutting back to 160,000 gallons causes the crop per acre to reduce to 2 tons yearly. Then water elasticity of linguini production is as
The needs for pure competition are most intimately met by the market for: (i) domestic (American) steel. (ii) comic books. (iii) sugar-coated cereal within your local grocery store. (iv) stocks and bonds traded on Wall Street after they have been issu
The time period of union strikes and the equilibrium wage rate at conclusion of the strike are focus at: (i) Dept. of Labor’s Collective Bargaining Arbitration Division. (ii) Collective bargaining model made by Sir John Hicks. (iii) Bilateral monopoly model.(iv)
Describe the problem of How to Produce? Answer: This refers to the choice of techniques of production of services and goods and whether labor intensive or capital i
All currency issued by central bank is its monetary liability. Explain how? Answer: The Central Bank is grateful to back the currency with assets of equivalent valu
I have a problem in economics on Relation between Implicit Costs and Opportunity costs. Please help me in the following question. The Implicit costs are: (1) Opportunity costs. (2) Always variable costs. (3) Similar as the accounting costs. (4) Similar as the explicit
The fact that a firm along with market power adjusts output depending upon both cost conditions and the features of the market demand curve means that: (w) the amount which a monopolist produces tends to be more volatile than the outp
Define monetary policy? What monetary measure can be accepted to control the condition of excess demand? It is the policy accepted by central bank exercising control over money rate of interest and credit situatio
If one industry’s development stimulates development in support and complementary industries, it permits firms within the industry to: (i) move up their rising long run average costs curves. (ii) sell their products for higher prices. (iii) focus old technologie
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