Define and explain the following term and provide an example: Economies of Scale Explain what it means by the term "economies of scale." In regards to economics, explain the term: economies of scale. Describe the difference between economies of scale and diseconomies of scale. Briefly ex...
When we say we cannot afford the economic costs of having 100% clean air and clean water, what does that mean? Explain - using economic terms and concepts. Describe the definition of economics in simple words. Define what is an opportunity cost and describe how it is used in economics. ...
Describe the properties of Baumol's revenue maximization model and give practical examples on how it is applied. A consumer maximizes utility by choosing the quantities of goods such that: a. the marginal utility of product A equals the marginal utility of product B. b. the marginal utility of...
Briefly describe the pattern of trade (who exports and who imports a product) based on: 1) In industries characterized by external economies of scale. 2) In industries characterized by internal econ The term "import" refers to: a. a sale of goods or service...
Describe the differences in economic security in a traditional economy, a market economy, and a command economy. Define the term macroeconomics as used in economics today. Relating to economics, define capitalism. Define economies and diseconomies of scope. ...
Describe the relationship between marginal and average costs. When marginal revenue equals marginal cost, total cost equals total revenue, and the firm makes zero profit. Do you agree or disagree? Explain. How do you solve for marginal cost using a table that includes fixed costs, variable costs...
Explain the relationship between the intensity of the incentive and sorting by ability or accumulated human capital. Describe how if a price-fixing game is repeated over and over, the cooperative outcome might be attained. If leadership did not exist what would happen o...
390K What is the study of economics? See the economics definition, history, and timeline. Compare microeconomics and macroeconomics with examples of each. Related to this QuestionDefine economics. What is a comprehensive definition of economics? Define the term 'Economics'. Describe the definition ...
Define the following term and identify its role in finance: Secondary Market. Define and describe the terms "principal" and "agent." What is the difference between a primary and secondary market? Explain what is meant by economies of scale in issuing securities. ...
Why do countries trade with each other? Describe the benefits. Compare and contrast comparative advantage with absolute advantage. Explain the reasons why comparative advantage is preferred to absolute advantage. What is the comparative advantage of America?