What is substitutes
Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
I have a problem in economics on Price ratios and marginal utility ratios. Please help me in the following question. The efficiency in consumption needs equality of: (i) Income distribution. (ii) All product price and resources. (iii) MC and MR. (iv)
Illustrate a point on consumption curve at which APC = 1. Answer: APC = C/Y = 1 is possible when C = Y, that is, Consumption is
Explain evaluation of net present value (NPV) and internal rate of return (IRR) in brief?
Define revenue receipts. Write the groups in which they are categorized. Answer: Any receipts that do not either make a liability or lead to reduction in assets is
Distinguish between full-employment equilibrium and Under-employment equilibrium. Whenever equality among AD and AS is at full employment level it is termed as full employment equilibrium. Although whenever equali
IN which situation, there is a deficit in the balance of trade.
Cite examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit?
The Income effects will be most strongly positive for: (1) Normal goods. (2) Necessities. (3) Superior or luxury goods. (4) Substitutes and much negative for the complements. Find out the right answer from the above options.
What is the role of price in market economies?
If the MPC is .70 and investment increases by $3 billion, the equilibrium GDP will:
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