Explain the concepts of scarcity and opportunity cost, Business Economics

QUESTION

(a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost.

(b) Distinguish between positive and negative externalities, illustrating your arguments with appropriate examples where necessary.

(c) Define the concept of economies of scale and discuss the different sources of economies of scale.

(d) Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.

Posted Date: 10/26/2013 4:09:34 AM | Location : United States







Related Discussions:- Explain the concepts of scarcity and opportunity cost, Assignment Help, Ask Question on Explain the concepts of scarcity and opportunity cost, Get Answer, Expert's Help, Explain the concepts of scarcity and opportunity cost Discussions

Write discussion on Explain the concepts of scarcity and opportunity cost
Your posts are moderated
Related Questions
theory of economies of scale,dis-economies,intergration

1. Three clients of Disrup, Ltd P, Q and R are direct competitors in the retail business. In the first week of the year P had 300 customers Q had 250 customers and R had 200 custom

discuss the concept of demand for the products that are being consumed by the different consumers

What is structural change? Structural change: Structural change arises while the associate share of GDP and employment accounted for through the primary, secondary and te

describe production function for computers

MBA - MACROECONOMICS ASSIGNMENT Professor Instructions Abide by following points or no credit will be given for your answers: • Concise and to-the-point answersare what

Explain for each of the sub-variables the positive or negative implications the environmental factor could have on the cereal category in economis aspects

Define economies grow of less developed countries by developing its secondary sector. Less developed countries economies grow by developing its industrialising: Manufacturi

Are international capital flows a problem? Problem: Capital flows can have an adverse outcome onto: a. Balance of payments (BoP): Shortly term capital inflows can be like:

QUESTION (a) "There is always an inverse relationship between price and quantity demanded of a good." Discuss. (b) Explain with appropriate diagram(s) the different factors