Difference between complementary and substitutes products

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Reference no: EM13802445

1) Why is studying for an exam subject to the law of diminishing marginal productivity?

2) A decrease in demand and a decrease in supply will decrease both price and quantity.

3) Human capital (health, skill and useful knowledge) has little to do with a person's income.

4) What is the difference between complementary and substitutes products? Why is this an important distinction?

5) Explain the difference between a long-run decision and a short run decision.

6) Explain some of the problems of using cost analysis in the real word.

7) Why do firms maximize total profit rather than profit per unit?

Reference no: EM13802445

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