Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor The nation of Leisureland can produce two goods: Remember that eNotes policy allows for only one question per post or two, if they are short. With that in mind, I will answer three out of the five questions. By , nations in the European Union EU had eliminated all barriers to the flow of goods, In , the single market became a reality for twelve member countries: What is a consumer surplus in economics?
In economics, a consumer surplus represents the difference between what a customer is willing to pay for a product and the actual price of the product itself. Consumer surplus is based on what is Explain law of demand, law of supply and how change in demand and change in supply apply to the The law of demand states that, all other things being equal, there will be an inverse relationship between the price of a good or service and the quantity of that product that people are willing Is it possible for a person to incur an opportunity cost without spending any money?
Opportunity cost is what is given up when a scarce resource is used in a certain way. It is possible for a person to incur an opportunity cost without spending money.
While money is a scarce What will happen to consumer and producer surplus and deadweight loss if the government imposes a If the government places a tax on each radio that sellers produce, the outcome will be negative for both sellers and buyers. The consumer surplus will shrink and the producer surplus will also What are the advantages and disadvantages of the euro system?
The euro system has created a large zone within Europe in which various countries all share the same currency. This single currency system has one major advantage, as well as one major What are the origin and dynamics of the currency crises in Mexico in and in Asia in While they appear superficially similar and had similar effects, the Mexican currency crisis in and the Asian financial crisis in had fundamentally different causes. What is the relationship between taxation and production?
The question asks about the relationship between taxation and production. This should be discussed at two levels. The first level is the analysis of short-run, microeconomic effects. In order to answer this question, we first have to understand what marginal cost is. Why would a country have a low GDP per person? Why is Madagascar so poor? If we knew precisely what determined the GDP of a country, development economics would be a solved problem. But I can tell you some things that most Explain the concepts of utility and its importance in economics.
Utility is in one sense extremely simple, and in another tremendously complex. The basic idea of some things being better than other things is something we intuit, probably from birth, wired into How have low oil prices affected the Malaysian economy?
Unlike most other countries in Asia, Malaysia has for a long time been a net oil exporter. Actually, it very recently became a net oil importer like most countries, and if that persists What is the effect of reduction in per unit tax on market supply of a good?
The question asks about the effect of a reduction in per unit tax on the market supply of a good. We will assume that this refers to a tax placed on the item at point of sale and assessed by the Product A and Product B. The marginal utility MU of A is 50 and the From the way the question is worded, it looks like we are to assume that the marginal utility of each of these goods does not diminish as we buy more; normally it would, by the Law of Diminishing What is the relationship between Economics and Human Resource Management?
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