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What is opportunity cost?
Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that could be received from that opportunity), or the most valuable foregone alternative. For instance, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that may have been done with the land and construction funds instead.
graphical illustrations describing the influence of an increase in immigrants on the market supply of labour
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
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
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
What is significance of methodological economics...
Duality Theorems: The relationship between the direct and indirect utility functions may be described by a set of duality theorems. The following illustrative theorems are pro
define law of demand
Special Drawing Rights: SDRs are entitlement granted to member countries enabling them to draw from the IMF apart from their quota. It is similar to a bank granting a credit l
how does the prices system affect a country
Domestic Policy Failures: i) There is too much emphasis on "ownership" ownership of bad policies can lead to disasters. So, at times, the Fund and the Bank will need to be "p
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