Society decide its optimal point on the production
How does society decide its optimal point on the production possibilities curve?
Expert
1. Recall that society receives marginal benefits from each additional product consumed, and as long as this marginal benefit is more than the additional cost of the product, it is advantageous to have the additional product.
2. Conversely, if the additional (marginal) cost of obtaining an additional product is more than the additional benefit received, then it is not “worth” it to society to produce the extra unit.
3. Marginal benefits decline as society consumes more and more pizzas.
a. Beyond that, the added benefits would be less than the added cost.
b. At less than 200,000, the added benefits will exceed the added costs, so it makes sense to produce more.
4. Generalization: The optimal production of any item is where its marginal benefit is equal to its marginal cost. As an eg: this ought to come about at 7,000 robots for robots.
Illustrate Measuring unemployment?
The Wealth of Nations that a pioneering survey of economic treated was published within: (1) 1849 year, and written by Karl Marx. (2) 1936 year, and written by John Maynard Keynes. (3) 1776 year, and written by Adam Smith. (4) 141 BC,
How do you account for the dominant role of corporations in the U.S. economy?
Use the circular flow model to confirm this assertion for an expansion of preschool programs for disadvantaged children?
Describe the output effects of Inflation?
Illustrate the Optimal or best product-mix and also Law of increasing opportunity costs?
Nature and Scope of Economics: Introduction Economics is a social science that
Dividing monetary prices from each other yields: (v) nominal prices. (w) relative prices. (x) subjective prices. (y) absolute prices. (z) transaction prices. Hello guys I want your advice. Please recommend some vie
Question: For a freely floating currency, currency i.____________________ occurs when the market value of a country's currency rises relative to the value of another country's currency, while currency ii.__________
Briefly describe cost of equity shares? And also write down way to evaluate the cost of equity shares?
18,76,764
1926402 Asked
3,689
Active Tutors
1433199
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!