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a) The most well-organized combination of resources which can be used to make a given level of output is that which:
b) The enactment of a guaranteed yearly income for all families would be a figure of which of the following governmental functions?
definition of total revenue,marginal revenue,average revenue
In regards to air pollution, use a diagram to show and explain how the existence of pollution can make the market equilibrium inefficient.
Marginal Utility The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged. The hypothesis of dimin
Barriers to entry in pure oligopoly The barriers to entry can be artificial or natural. Artificial Barriers This can be acquired through: State protection throu
Objectives of ICAs Most schemes have as their main objective to stabilize and/or increase the world price of commodity, producers' incomes, foreign exchange earnings of export
No new substitutes for the commodity If some new substitutes for a commodity appear in the market, its demand normally declines. This is quite natural, since with the availabil
Explain how managerial economics is useful for decision making
Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
assignment
Real and nominal wages Wages are wanted only for what they will buy, real wages being wages in terms of the goods and services that can be bought with them. Nominal wages
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