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Explain what the phrase “price rationing” means.Price rationing is the method by which the market system assigns goods and services to consumers while quantity demanded exceeds quantity supplied.
Q. What is Tradeable product? Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (ot
is economics a positive science
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determine if completeness and transitivity are satisfied for the following preferences defined on x=(x1,x2)and y=(y1,y2);if x>y or x=y and x2>y2,if for min{x1,x2}
what is the langrangian function
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
Sources of Economic growth: Human resources: Investment in human capital is considered as an important factor for economic growth. This is done by increasing the quality of
Explain how Monetarist economics views the role of markets and government intervention in fighting business cycles. Monetarist economics believes that the government should fol
law of diminshining marginal utility
What is average revenue and average revenue curve Average Revenue: The average revenue is the total revenue separated by the level of output. It is therefore the price.
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