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.
Where managerial economics treat as a tool? Answer: Managerial economics is like a tool for decision making and forward planning.
Illustrates the term Elasticity?
What are the internal factors in governing prices?
When the income effect of a wage increase is more powerful in that case the substitution effect, the: (1) labor supply curve will be “backward bending.” (2) unemployment rate will rise since more people will be available for work. (3) valu
If the wage rate increases from $10 per hour to $25 per hour, then the elasticity of the supply of labor from this worker is roughly: (1) zero. (2) 7/15. (3) one. (4) minus 8/15. Q : Value of the Marginal Product and The value to society of the additional output produced by an additional worker is the: (w) marginal resource cost of labor. (x) value of the marginal product of labor. (y) value of the average product of labor. (z) marginal physical product of labor.<
The value to society of the additional output produced by an additional worker is the: (w) marginal resource cost of labor. (x) value of the marginal product of labor. (y) value of the average product of labor. (z) marginal physical product of labor.<
Define the some criticized highlight points of Adam Smith?
Differentiate between Private Cost and Social Cost.
Signaling may worsen the problem of adverse selection when: (w) potential agents do not transmit any types of signals. (x) job applicants increasingly signal with phony degrees. (y) employers discriminate on the basis of race or gender. (z) severe rec
Explain about the term Recovery in phases of business cycle.
18,76,764
1934979 Asked
3,689
Active Tutors
1445583
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!