Explain mathematically why the condition "real wage = marginal product of labor" is a condition for firms' profit maximization. Suppose that consumer's utility is described by the following function: U(x;y) = x2y, where x is the amount of good X that the consumer consumes and y is the...
Define services in economics Define marginal investor. Define the word revenue What is an example of a positive externality? Define mercantilism. What is the meaning of competition in economics? What does monopoly mean in economics? What does Pygmalion mean in economics?
Define aggregate demand shock. Use a maximum of two sentences for your answer. What is quantity demand in economics? Explain in detail. Define the cross-price elasticity of demand. Define the law of supply and the law of demand. Define and compare: - Demand - Market Demand. ...
Scarcity in Economics | Definition, Graph & Examples from Chapter 1 / Lesson 6 470K Learn about scarcity. Understand what scarcity is, review its implications in economics, examine a graph of scarcity, and see some examples of scarcity. Related...
In Economics, what is the overall effect of inferior commodities? What is the difference between a normal and inferior good? What's the difference between a giffen good and inferior good? Define final goods. What is the marginal utility of an inferior good?
Using the model of aggregate demand and aggregate supply, explain how shifts in either aggregate demand or aggregate supply can cause recessions. What are some of the limitations of the aggregate supply and aggregate demand model? Economists say that labor demand is a derived demand...
What is a labor-intensive production technique? What difficulties arise in deciding whether a group of workers has a lower wage because of discrimination? What are the problems that minimum wage causes? What is the marginal product of the fourth worker?
In economics, labor is subject to the laws of supply and demand. Learn about the labor market in economics. Explore scarcity in labor, review why CEOs make more money than teachers, and examine the impact of market forces on the labor market. ...
consumers from one country with a pool of products and services to choose from. These products could be cheaper when imported than when bought from local industries, or they are unavailable in their home country. Besides, international trade has been made possible by the eradication of tradin...
Define the winner effect in regards to behavioral economics. Discuss the effect of the increase in savings of the households. Explain the effect on the amount of utility experienced with an increase in amount of budget. a. Using a graph to illustrate your an...