What is an inverse relationship
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
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Graphs can be used to illustrate the relationship between two sets of data. When 2 variables change in opposite directions it is said to be an inverse relationship. The slope of line is decreasing. When 2 variables transform in the same direction it is said to be direct relationship. The slope of line is increasing. Statements illustrate direct relationships. Statement illustrates an inverse relationship. It assumes that everything remains equal in inverse relationship.
Elucidate the use of money as a medium of exchange in Market System?
In perfectly competitive market, the market demand and market supply curves are provided by Qd = 1000 −10Pd and Qd = 30Ps. Assume that the government gives a subsidy of $20 per unit to each and every seller in the mark
Illustrate the several determinants of demand besides price which affect demand?
Explain the markets and prices of the Market System?
What divergences arise between equilibrium and an efficient output when spillover costs? How might government correct this divergence?
How can we calculate EPS?
What are the Examples and Applications of International Trade?
Explain: “Exchange is the necessary consequence of specialization.”
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
“Natural price” by Adam Smith of a good was eventually determined through: (1) the amount of capital used within production in the short run. (2) long-run average costs of production, that Adam Smith believed to be the amo
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