Existence of money reduce the costs

Assignment Help Business Economics

Reference no: EM139135

Q. 1. When discussing the maximization of utility, regardless of whether you chose to work more hours or fewer when offered a higher hourly wage, you could not be worse off than you were at a lower hourly wage. Can you explain how this?

2. Explain how does the existence of money reduce the costs of making transactions relative to a society based entirely on barter? English is becoming the usual language for international transaction, even if the language of neither country is English. Explain how does this reduce the cost transacting?

Reference no: EM139135

Questions Cloud

Evolution of cokes strategy : Illustrate what does the evolution of Coke's strategy tell you about the convergence of consumer tastes and preferences.

Post-merger bargaining outcome : Assume the two newspapers merge. Illustrate what is the likely post-merger bargaining outcome.

Demand schedule for belgium cocoa : Illustrate what is the demand schedule for Belgium cocoa beans now which U.S. consumers can also buy them.

2 products in an economy : Explain how do I draw a production possibilities curve for 2 products in an economy if a natural disaster affects one but not the other.

Existence of money reduce the costs : Explain how does the existence of money reduce the costs of making transactions relative to a society based entirely on barter.

Changes in marginal cost have no effect : Over Illustrate range will changes in marginal cost have no effect on CDW's profit-maximizing level of output.

Services purchased by the government of numidia : Illustrate what is the value of goods and services purchased by the government of Numidia.

Experimental approach to regression analysis : Describe the benefits and risks entailed with an experimental approach to regression analysis.

New long-run equilibrium values : Illustrate what are the new long-run equilibrium values of these three variables.

User Account

All Pages