An example of diminishing marginal productivity is related to the labor costs for manufacturing a car. It is more immediately profitable to lay off 10% of the manufacturing staff, and the manufacturing line may make do with the remaining resources for the first few vehicles. However, after a w...
➢ Differentiate between Macro and Micro analysis of economy. Introduction: Economics is divided into two different categories: Microeconomics and Macroeconomics.Microeconomics is the study of individuals and business decisions, while Macroeconomics looks at the decisions of countries and governments. What ...
If you were an economist, how would you define microeconomics? How do economists define "short term" and "long term?" What stage of the business cycle is the United States economy in? Explain. In business and economics, what does the term "marginal analysis" refer to?
ECON3710,IntermediateMicroeconomicsSpring,2010 ReviewSheet#1Dr.Porter 1.Beabletodefinethefollowingterms:economics,scarcity,opportunitycosts. 2.Whatismeantbythetermmarginalism? 3.Whatisthedifferencebetweenpositiveandnormativequestions? 4.Whatfactorsdefineamarket? 5.Whatismeantbytheterm“demand”?Whatisthelawof...
Describe the significance of microeconomics in economic analysis. What is the importance of the money market in a country's economy? What is the economic importance of production in an economy? Suppose the number of households in an economy goes from 450 to 600. What is the effect ...
Byanon62235— On Jan 25, 2010 what is a positive aspect of macroeconomics and what is a negative aspect of macroeconomics? Byanon20821— On Nov 07, 2008 what is socialism? Byanon11334— On Apr 14, 2008 what are some of the macro economic models that are used today that come from keyne...
Cost minimizing choice of inputs | Microeconomics | Khan Academy 40 related questions found Is Python better than Java? Python and Java are two of the most popular and robust programming languages.Java is generally faster and more efficient than Pythonbecause it is a compiled language. As an in...
What is the production of goods with the lowest opportunity cost called? What is the term that describes the amount suppliers plan to supply at a particular price? What does "negative externalities of pollution" refer to in microeconomics?
Microeconomics is the study of economics which deals with the activities related to individual units that is; an individual consumer decision to maximize the satisfaction, the individual producer main aim is the maximization of profit.Answer and Explanation: The concept of ends, means...
What is meant by the term "Consumer Sovereignty" as used in economics? What are the uses of microeconomics in business decision making? What is economics and what are the fundamental problems in economics? 1) What is the Theory of the Consumer about? 2) How would you distinguish Utility fro...