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.
Explain with examples the reasons for exceptional demand curve
The market price you pay for each and every particular goods you purchase regularly is probably most closely associated with the last unit of each and every good’s: (1) Marginal utility. (2) Total utility. (3) Producer surplus. (4) Consumer surplus. (5) Economic
Write a 3 page paper using microeconomics concepts as a primary mode of analysis. Your paper should use 1.5 line spacing, a 12 point font, and 1inch margins. Proof read your paper. You will lose 5 percentage points per day for each day past the
Question: Compare and contrast 'adaptive expectations' (Hubbard uses adaptive expectations) and 'rational expectations' in modeling expectations. Answer:<
Would export businesses choose a rising or declining dollar? Would it be similar for a European tourist on a budget and visiting the Grand Canyon? Explain your answer.
Why is tax considered as revenue receipt? Answer: Since tax neither makes a liability for government nor decreases assets of the government.
Explain the concept of “economies of scale” and “increasing returns”.
In the figure shown below, line T1 depicts a tax system which is: (1) Regressive. (2) Progressive. (3) Proportional. (4) Unbiased. (5) Recessive.
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.
Question: Suppose firm 1 and firm 2 merge. Call the new firm A. It has output xA and profit πA. Suppose there is Cournot competition after the merger. For now, we assume that the marginal cost of Firm A, the mer
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