Microeconomics is considered to be the study of scarce

Assignment Help Business Economics
Reference no: EM13244114

Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them.

Briefly explain how these three trade-offs are determined using a specific good/service found on the Internet:

  • Which goods/services are produced in your example?
  • How will they be produced?
  • Who purchases them?

Deliverable Length:    2-3 pages

Reference no: EM13244114

Questions Cloud

Divide the loss for the two situations by the daily wage : The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day
What is its effective resistance : A small office building air conditioner operates on 250 V AC and consumes 3.88 kW, What is its effective resistance and How is energy related to power? Check units for consistency
What are the main differences between microeconomic : What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Find the stopping distance of the car : A car is traveling at 50.0 mi/h on a horizontal highway, What is the stopping distance when the surface is dry and µs = 0.601
Microeconomics is considered to be the study of scarce : Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions.
Two proposals have been made for state expenditures : A firm has the opportunity to invest in a project having an initial outlay of $20,000. Net cash inflows (before depreciation and taxes) are expected to be $5,000 per year for five years. The firm uses the straight-line depreciation method with a zero..
Calculate the magnitude of acceleration : A device known as Atwood\'s machine consists of two masses hanging from the ends of a vertical rope that passes over a pulley, calculate the magnitude of their acceleration, a, and the tension in the rope, T
How does game theory explain the interactions of firms : You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.
Calculate the current i : The drawing shows four insulated wires overlapping one another, forming a square with 0.050-m sides, Calculate the current I.

Reviews

Write a Review

Business Economics Questions & Answers

  Describe how much the consumer plans to spend in each year

Describe how much the consumer plans to spend in each year and how much she borrows or lends in the first year.

  Average product and marginal product

She says the tax will generate $100,000 tax revenues per month. What assumption is she making.

  Explain why are the average cost curves u-shaped

Can you give examples of the companies that have high pension costs. Why are companies using more technology input while reducing labor input. Explain why are the Average Cost Curves U-shaped.

  What is the opportunity cost of producing toyotas in nation

what is the opportunity cost of producing Toyotas in each country. Who has the comparative advantage in producing Chevrolets.

  Explain why your answer is correct based on slutsky

Decide whether each of following statements is true or false. Then explain why your answer is correct, based on Slutsky decomposition into income and substitution effect.

  Illustrate what are the major factors that have affected us

Illustrate what are the major factors that have affected U.S. household consumption since the recession in 2001.

  Show your work for three separate calculations

Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average.

  Elucidate deadweight loss from the tax

The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.

  Compute the real gdp per person for this nation

Compute the real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.

  How many bottles would be demanded in entire market

How many bottles would be demanded in entire market if price is $1.00. How many bottles would be demanded in entire market if price is $2.00.

  Relationship marginal-cost curve and total cost curve

Graph all three curves. What is the relationship between the marginal-cost curve and the average total cost curve

  What is the equilibrium price

How much does each firm produce if they move simultaneously? What is the equilibrium price?

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