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Economics and Ethics : Morality and ethics are powerful motivations to behavior. Thouh, economists suppose that rationality is a function of demonstrable self-interest. That means, material well-being B greed if you will. The acceleration of corporate scandals by the early part of this century seems to suggest a disregard for issues other than material well-being by lot of people who were in positions of authority in various major companies (Enron, Worldcom, Tyco etc.) Self-interest when measured purely in dollars and cents will often give rise to unethical, immoral, and perhaps even illegal conduct.
Disadvantages of division of labour: Division of labour may also have disadvantages that may include the following: (i) Lack of Craftsmanship Division of labour does not m
The Industry's Long Run Supply Curve * The Effects of Tax - Earlier we studied how firms respond to taxes on an input. - Now, we will consider how firm responds to tax o
Closesubstitute goods: The number of closesubstitute goods The more substitutes of good has and the more close the substitutes are, the more elastic the demand for the good. Fo
Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundr
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
Economies of Scope in the Trucking Industry * Questions: - Economies of Scope - Are large-scale, direct hauls cheaper and more profitable than individual hauls by small t
Problem : (a) With reference to the characteristics of market structure, explain why the market for powdered milk in Mauritius is an appropriate example of monopolistic compet
3 factors by america palce at world economy leading edge 3 factors have taken pride of place in explanations of America's place at the world economy's leading edge in its level
Consider two individuals M and F who must split 20 units of good X and 10 units of good Y. Suppose we can represent M's preference with the utility function Um =X ^2 mYm and Fs
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
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