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The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
The Standard Indifference Curve Diagram. The standard model of labour leisure choice does not distinguish between females and males. It is a unisex model. The vertical axis gives
Rule of Thumb Method Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of re
TREND AND STRUCTURE OF INCOME: Each sector of the economy employs natural, human and material resources and contributes to the aggregate flow of goods and services during a gi
1. Select a data series that you wish to forecast. Make sure that it has some importance to you relative to business, future occupation or other special interest. Obtain monthly or
Define the price ceiling A price ceiling is a highest price that sellers can charge for a product.
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a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
The U.S. automobile industry, the soft-drink industry, the brewing industry, segments of the fast-food industry, and airplane manufacturers. Oligopoly will usually produce less tha
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