Production function
Describe three properties of a variable proportions production function that make sure that it allow profit maximization and cost minimization.
Which of the given two statements involves positive economic analysis and which normative? How do the two type of analysis differ?a. Gasoline rationing (allocating to each year to each individual an annual maximum amount of gasoline whi
Both level of the employment by a firm and the average rate of monopsonistic exploitation of labor are raised when a firm is capable to: (1) Outsource by hiring low productive workers in the foreign countries. (2) Replace the workers with automation by an industrial r
Which kind of revenue receipts are considered as legally compulsory payment imposed on people by the government? Give illustration also. Answer: Taxes imposed on th
For a monopsonist in the labor market, the marginal resource cost of labor is:
Monopolistic Competition: Monopolistic competition, as the name itself entails, is a blending of monopoly and competition. The monopolistic competition refers to the
Income elasticity of demand: Income elasticity of demand is the degree of receptiveness of demand to the modification in income. Q : Question based on poverty rate Select Select the right ans wer of the question. Which of the following would we expect to contain the highest poverty rate? A) white households headed by males B) elderly white households C) white households headed by females D) African-American households headed by femal
Select the right ans wer of the question. Which of the following would we expect to contain the highest poverty rate? A) white households headed by males B) elderly white households C) white households headed by females D) African-American households headed by femal
According to the equality standard of income distribution: (i) an equal distribution of income maximizes society’s economic welfare. (ii) income must be divided in proportion to need. (iii) income must be commensurate with productivity. (iv) fac
What are the causes for diminishing returns to factor? Answer: 1) Over utilization of
Monopolistic competitors generate differentiated goods which have numerous potential: (1) substitutes and important barriers to entry protecting them from potential rival producers. (2) close substitutes whose suppliers face no long run barriers to en
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