Welfare definition of economics
Explain the welfare definition of economics? Why is it criticized?
Expert
According to Alfred Marshall, wealth is only a means to an end in all activities, this end is human welfare. The economics is on the one side a study of the wealth and the other which is more important side is a part of the study of man. Welfare definition of economics is criticized due to: i) Welfare can’t be measured correctly. ii) It ignored the valuable services like teachers, lawyers and singers.Welfare definition of economics is criticized due to: i) Welfare can’t be measured correctly. ii) It ignored the valuable services like teachers, lawyers and singers.
Firms may make use of low prices to enter a market and gain market share therefore is can learn the intricacies of a particular product line or business. It is an illustration of: (1) limit pricing. (2) accommodation. (3) learning-by-
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
Define the Econometric Methods.
Illustrates the managerial Economics according to Savage and John?
States the term Shift in Demand?
Describe the term trend projection.
Illustrates the elements of managerial economics as a tool for decision making?
Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h
What are the merits and demerits of Scarcity Definition of economics?
Explain the forecasting demand for a new product.
18,76,764
1949999 Asked
3,689
Active Tutors
1456635
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!