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how much would the price of good z pz have to change in order to increase the consumption of good c by twenty five percent
a firm has fixed costs of 60 and variable costs as indicated at the bottom of this page complete the table and check your calculations
use the concept of the income elasticity of demand to explain the difference necessities luxuries and inferior
if mary uses all her resources to produce hats she can produce 48 hats an hour if she uses all her resources to produce apple pies she can make
micro economics1discuss the short-run cost-output relations2write a short note on pure competition3describe excess profit criterion4discuss the
illustrate and discuss the implications of various markets structurescompetitive and non-competitive for price
what types of external economies generates the output which reduces the costs of the firms in itthe chief example of external economies provided by
total cost curve tc is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed
fixed costs are those which are independent of output that is they do not change with changes in output these costs are a fixed amount which must be
it is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed when an entrepreneur
supply of a commodity is functionally related to its price the law of supply rated to this function relationship between price of a commodity and its
demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the
question explain the contribution of capital accumulation in the progress of an economycapital makes the technological progress of the economy
capital make large scale production and greater degree of specialization possible thus with capital accumulation the advantages of large scale
production without capital is hard for us even to imagine nature cannot furnish goods and materials to man unless he has the tools and machinery for
before explaining returns to scale it will be instructive to make clear the distinction between change in the scale and changes in factor proportions
an increase in the scale means that all inputs or factors are increased in a given proportion increase in the scale thus occurs when all factors or
average product of a factor is the total output produced per unit of the factor employed thusaverage product total product number of units of
the act of production involves the transformation of inputs into output production is a transformation of physical inputs into physical inputs into
the concept of opportunity cost occupies a very important place in modern economic analysis the opportunity cost of any good is the next best
trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment this case which is
the role of trade union to improve the lot of the workers is also important when there prevails the conditions of monopsonisitc discrimination is
theories of chamberlinrsquos monopolistic competition and joan robinsonrsquos imperfect competition have revealed that a firm under monopolistic
perfect competition and monopoly are rarely found in the real world and thus they do not represent for the most part the actual market situations
it is important to understand the important characteristics of monopolistic competition the knowledge of these features will enable the students to