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Costs of Economic Growth (Increase in National Income)
1. People living in industrial towns suffer from the effects of a polluted atmosphere.
2. The manufacture of intoxicants together with urbanization and urban housing problems leads to an increase in crimes. This creates for the state the additional costs of the maintenance of prisons and a large police force to maintain law and order. Thus social welfare would be increased if the production and sale of intoxicants are curtailed.
3. While the expansion of the National Income owes a great deal to scientific research the application of research to new means of destruction add nothing to social welfare.
4. It leads to employment of women in industry leading to children being left without care or simply maternal care.
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A firm in a perfectly competitive market invents a new situation of production that lowers its marginal costs. What happens to its output? What happens to the price it charges?
Factors affecting the size of National Income The size of nation's income depends upon the quantity and quality of the factor endowments at its disposal. A nation will be ri
Explain the limitations of managerial economics
Q. What is the economic role of government? What are the roles? Meaning: economic role is the role played by the government in uplifting the economy. The important roles: 1.
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p=10, TC= 1000+2Q+.01Q^2, Q=?
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Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
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