Thought of economists for law of equal marginal advantage
Explain different thought of economists for law of equivalent marginal advantage.
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• Most economists suppose that people make decisions as per the relative costs and gains of extending or reducing particular activities by tiny amounts.• The law of equivalent marginal advantage means that every morsel of food a person eats will be evenly satisfying.• As per the law of equal marginal advantage, every worker is evenly productive and each dollar spent upon a good is evenly satisfying.
The areas illustrates in this Lorenz diagram can be used to compute a Gini index as: (i) (cow + pig)/cow. (ii) cow2/(cow + pig). (iii) pig2/(cow + pig). (iv) cow/(cow + pig) (v) (cow + horse)/pig. Q : Medium of Exchange function of money Medium of Exchange function of money: Money as a medium of exchange signifies money as a means of the payment for exchange of services and goods. The Goods and services are exchanged for money whenever people sell things. Money is exchanged for goods
Medium of Exchange function of money: Money as a medium of exchange signifies money as a means of the payment for exchange of services and goods. The Goods and services are exchanged for money whenever people sell things. Money is exchanged for goods
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