What is Budget line
Budget line: This refers to all combinations of goods that a consumer can purchase with his whole income and price of two goods.
I have a problem in economics on Normal accounting profits. Please help me in the following question. The normal accounting profits are considered by the economists to be: (i) Exploitation of the consumer. (ii) Evidence of monopoly power. (iii) Economic costs of the p
American workers tend to be additionally productive than their counterparts within Asia since they have: (1) less capital to work along with. (2) more capital to work with. (3) lower marginal products. (4) been instilled along with a stronger work eth
In equilibrium for the price maker firm, the rate of monopolistic exploitation is the difference between: (p) P and MR. (q) P and MC. (iii) Total revenue and net cost per unit of output. (r) Output price and rate of monopsonistic exploitation. (s) VMP and MRP.
What is the marginal rate of transformation or marginal rate of substitution or marginal opportunity cost? Answer: It is the ratio of units of one good scarified to
assume the firm is a price taker and faces a market price of €60 per unit. draw the AR and MR curves
What is the condition when there is a deficit in balance of trade? Answer: When import > export
The contribution standard of income distribution: (w) sets the least efficient incentives for production. (x) is the distribution standard most compatible along with pure capitalism. (y) minimizes individual economic freedom. (z) is very complimented
When a purely competitive firm functions in a competitive resource markets in short run then the firm: (i) Confronts an inelastic supply curve for the output. (ii) Purchases inputs till the net cost of inputs equivalents the net value of outputs. (iii
Critics of contribution standard of the income distribution often: (w) cite inequality as evidence of inequity. (x) assert which private individuals must not be capable to accumulate any assets. (y) believe charitable giving should be
Give two illustrations of Micro economic variables studies. Answer: a. Individual demand b. Individual savings
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