Why is it necessary for all economic systems

Assignment Help Microeconomics
Reference no: EM13689537

Thomas so well, an economist at the hover institute at Stanford university, has written, "all economic systems, not only provide people with goods and services, but also restrict or prevent them from getting as much of these goods and service as they wish." why is it necessary for all economic systems to do this? How does a market system prevent people from getting as much goods and services as they wish?

Reference no: EM13689537

Questions Cloud

Draw a set of indifferent curves : Draw a set of indifferent curves that illustrate the preferences suggested by the following statements. Each subpart must have its own diagram.
Draw a picture showing both the marginal cost curve : Fangorn Inc., a forestry firm, faces a constant marginal cost for producing firewood of 2 gold coins per cord. As the firm’s uses very rudimentary equipment, its fixed costs are only 10 gold coins.
Suppose that she invests in a college education : Suppose that she invests in a college education, expecting to get a better and higher wage job. Show how her optimal stock of health capital changes by the age of 30 due to the increased wage.
Supply of fossil fuels like coal and petroleum : Suppose that the supply of fossil fuels like coal and petroleum will become more and more scarce in the next fifty year.
Why is it necessary for all economic systems : Thomas so well, an economist at the hover institute at Stanford university, has written, "all economic systems, not only provide people with goods and services,
Compute the benefit-cost ratio : Normal 0 false false false EN-US X-NONE X-NONE For Alt. X, compute the ben..
Compute the benefit-cost ratio : A project will cost $50,000. The benefits at the end of the first year are estimated to be $10,000, increasing at a 10% uniform rate in subsequent years. Using an 8-year analysis period at a 10% interest rate. Compute the benefit-cost ratio.
Computer and leases the software what is the payback period : A car dealer leases a small computer with software for $5000 per year. As an alternative be could buy the computer for $7000and lease the software for $3500 per year.

Reviews

Write a Review

Microeconomics Questions & Answers

  What is the monopoly profit

Consider a monopoly where the demand is given by Q = 25 - .5P, Total costs for this monopolist are estimated to be C(Q) = 100 + 2Q + Q2. What is the profit – maximizing output? What is the monopoly profit?

  Explain money flows from the us federal reserve

create a flowchart by describing how money flows from the US Federal Reserve to the individual consumer and back to the government by illustrating the various ways money is distributed through financial institutions..

  A multiplicative demand model

A multiplicative demand model

  Compute farmer dorrs schedules of average cost marginal

farmer dorr figures that her fixed costs are 2000 and the relevant portion of her total cost curve

  Predict the amount of inventory to keep in stock

Explain how one of the components of the GDP would help you to predict the amount of inventory to keep in stock if you were the owner of a retail store and were placing a merchandise order for the next few months.

  Impacts of federal reserve on money stock

Assume a simplified banking system in which all banks are subject to a uniform reserve requirement of 20 percent and checkable deposits are the only from of money. A bank that received a new checkable deposit of $10,000 would be able to extend new..

  What is the lerner index for this industry

The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate the four-firm concentration ratios for the two ind..

  Wite the factors that would influence federal reserve in

your boss has chosen you to give a presentation to a number of foreign officials regarding the united states federal

  What three effects of the anthropomorphizing

What does Munger mean by the phrase "the price does the leading"? 3. Munger suggests several challenges that arise from the habit of anthropomorphizing the market. These help to explain people's apparent preference for central planning. What three..

  The firm is profit maximizing but not cost minimizing

You are an efficiency expert hired by a firm in the clothing industry that uses machines (K) and workers (L) as inputs. The firm has estimated that the marginal product of labor is MPL = 120 - 6 L, while the marginal product of capital is MPK = 50 - ..

  Describe challenges such as finances and technology issues

Successful online students plan their activities and their time so they can accomplish their professional and academic goals and still have time for family and leisure. Time management is often a big issue with many online learners.

  Demand relation is a linear function of price and income

Demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Mississippi's demand for KBC microbrews.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd