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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 (other than perishable or extremely perishable products) are tradeable, and a number of services (like tourism and specialized business, financial and educational services) are also tradeable.
Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
whit is mean super normal profit
Protection of infant firms: Infant industries are those firms, which are young. The absence of economies of scale to them makes their unit cost of production higher than older
how the increase in price will affect consumer''s ability to maximise satisfaction?
Shares: Financial assets that represent ownership of a small proportion of total equity (or net wealth) of a corporation. Shares can be sold and bought on a stock market. Slaver
what is the meaning of total revenue?
calculate demand function is Q=100-P, where Q is quantity demand and P is price
Circular Flow of Income: The diagram shows Real Flow (goods and services) and Monetary Flow (Income and expenditure). The bottom pair of arrows depicts the goods market.
Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio
subsitution effect dominate tha income effect in which good case?
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