Technical change and vintage technology
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
Describe briefly high financial leverage, low operating leverage?
Explain: “Exchange is the necessary consequence of specialization.”
Explain the foundation of economics where society’s material wants are unlimited?
Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country: (1) Has a comparative benefit in something. (2) Ga
What are the scientific method that Economists use to establish theories, laws, and principles?
Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
What are the major legal forms of business organization?
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