Define law of supply, Define law of supply.  Quantity supplied rises as...

Define law of supply.  Quantity supplied rises as price raises, other things constant. In other words, "Other things being equivalent, when the price of a product rises, then s

Define important functions are performed by the price system, What two impo...

What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t

Money market, Money market: The money market is a market of short-term...

Money market: The money market is a market of short-term loans. It consists of financial institutions having surplus fund to lend on short-term basis, and those wishing to bor

#title•The price of a laptop increases by 20% and there is a,

Determine household production from the national accounts, What have been s...

What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p

Indifference curve and budget line, How does the indifference curve and bud...

How does the indifference curve and budget line for a neutral good look like?

ECON 202-1302A-04, homework assignments

homework assignments

Social cost, Social cost: Social cost of production refers to the cost...

Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res

Cardinal approach, derivation of demand curve

derivation of demand curve

Concept of cost, explain the relationship between ATC,AVC and MC by using d...

explain the relationship between ATC,AVC and MC by using diagram