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.
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 : Reduces total production cost and raise Assume that Joe discovers the price elasticity of market demand to be 0.8 for Joe’s additional fancy dehydrated water at the present price of $10 per barrel. Every barrel averages $2 to generate. Joe can: (w) increase his profits by 80% if he in
Assume that Joe discovers the price elasticity of market demand to be 0.8 for Joe’s additional fancy dehydrated water at the present price of $10 per barrel. Every barrel averages $2 to generate. Joe can: (w) increase his profits by 80% if he in
When the rate of return you calculate on an asset exceeds the interest rate: (1) competition for profit must make its price fall rapidly. (2) the price must fall rapidly. (3) the market is in long term equilibrium. (4) you should igno
A uniform resource price paid for any resource which has an aggregate supply curve which is less than perfectly elastic generates an: (1) exploitation ratio. (2) investment surcharge. (3) accounting profit. (4) economic rent. (5) acce
When you compute cross-elasticity of demand, what are you trying to find out? What do a negative coefficient and a positive coefficient imply?
Marginal physical product: It refers to the addition build to the total product.
Whenever a firm's wage structure imitates the keenness of individual employees to work, terms which are most applicable comprise: (1) Monopsonistic exploitation and the wage discrimination. (2) Monopolistic exploitation and the separation of control and ownership. (3)
Objectives: This assessment item relates to the course learning outcomes 1, 2 and 3 as listed in Part A. Question 1 (22 marks) (a) Consider the market represented by the schedule in the table below. (5 marks) Price Quantity demanded Quantity
Utilitarianism states that the best society is one which gives the: (1) Essential goods to meet people’s requirements. (2) Biggest happiness for the greatest number of people. (3) Precise measurement of disutility and utility. (4) Highest guaran
In constant-cost, the purely competitive industries: (w) total cost is constant at every output. (x) marginal cost is constant at each output. (y) number of firms is constant at every output. (z) long-run supply price is uninfluenced by output. <
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