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Statistical methods are considered to be superior techniques of demand estimation because:
a. The element of subjectivity in this method is minimum,
b. Methods of estimation is scientific,
c. Estimation is based on the theoretical relationship between the dependents and independents variable ,
d. Estimates are relatively more reliable and
e. Estimation involves smaller cost.
use the concept of the income elasticity of demand to explain the difference necessities, luxuries and inferior goods
If the MU of the 1st unit consumed = 75 utils, and the TU of consuming 2 units is 130 utils, what is the marginal utility of the second unit?
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Production Function for Wheat * Farmers should choose between a capital intensive or labor intensive technique of production. Isoquant Describing Production of Wheat
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an introduction
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MRTS and Marginal Productivity The change in output from change in labor equals: The change in output from change in capital equals
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