Economists say that labor demand is a derived demand. Explain the concept of derived demand. What is aggregated supply? What does aggregate demand mean? Describe demand and change in demand. What is meant by "cross elasticity of demand" (CED)?
Define the concept of elasticity. Explain how a higher price and a lower price affect consumers and producers. Also, how the changes in price for an elastic good and an inelastic good have affected one's purchasing and lifestyle. Explain why productive efficiency is achieved at the quantity of...
Step by step video & image solution for Explain the meaing of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price. by Economics experts to help you in doubts & scoring excellent marks in Class 11 exams.Updated on:21/07/2023Class...
Each breath you forced inside inflated the balloon a little bit more, pushing outward with some force against the air pressure and the stretchiness (elasticity) of the rubber pushing in from outside. So, in physics terms, you used a force (your breath) over a distance (the amount you ...
Price Floor' is the minimum price fixed by the government below which sellers cannot sell their product. Since this price is normally set above the equilibrium price, there is excess supply in the market. As the seller may not be able to sell all that he
The concept of an intracellular or internal ratchet was introduced by Martin et al. (10, 20) to explain the pulsed constriction of Drosophila ventral furrow cells. After each contraction, a cell is prevented from returning to its prior apical area by tension emanating from an apicomedial acto...
Give examples of how to use the concept of elasticity: 1) including an explanation of why or how businesses might use the concept of elasticity. 2) Give examples of negative/positive externalities, defend your position on why you be believe they are exter ...
Provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example to illustrate this concept. Explain the meaning of the term derived demand. What is the law of supply and demand? Explain how increases and decreases in supply and demand affect...
Though not directly linked to the saying "read the room," the concept of diminishing marginal utility is very relatable, as not every client will associate the same utility with a given product. A phone with all the latest bells and whistles might be attractive to many consumers while turning...
Some economists argue that the concept of indifference is hypothetical and therefore incompatible with real-life economic actions taken by consumers. Every action indicates a preference, not indifference. People’s relative preferences have been found to change over time and depending on their social co...