Economics Answers

the demand schedule for any commodity

Differentiate between Sole Proprietorship, Partnership and Incorporated Organisation using three sentences.

If two firms dominate an industry the market is known as:
Select one:
a. Monopolistic competition
b. Competitively monopolistic
c. Duopoly
d. Oligopoly
e. Monopoly

price floor will always lead to what

What are the three main purposes of money? In your answer, be sure to explain why each purpose helps us to eliminate the need for bartering.

Suppose the minimum wage is above the equilibrium wage in the market for unskilled labour. Using a supply-and-demand diagram of the market for unskilled labour, show the market wage, the number of workers who are employed. Also, show the total wage payments to unskilled workers.

What is the difference between Prudence concept and Matching concept? Using two sentences

What is capital saving? The trouble I'm having is with:
1. What does it mean when a country adopts it as a strategy?
2. At a firm's level it means raising the marginal product of labor relative to capital in the same capital labor ratio. My trouble is with the last part. That says "in the same capital labor ratio" because how can we increase the marginal product of a factor without increasing the amount of the factor we use?
3. is there a way we can mathematically plan for it? or predict it?

Why is the average total cost curve across a range of production in the short term "U" shaped? Describe completely
When will a farmer shutdown, and produce no corn for the year?
A farmer will produce an output where marginal cost equals___________

The following cost information pertains to the new CD:

CD package and disc (direct material and labor): $2.50/CD

Songwriters’ royalties: $0.70/CD

Recording Artists’ royalties: $2.00/CD

Advertising & promotion: $380,000

Sony Records Inc,’s Overhead: $300,000

Selling price to CD Distributor: $10.00



3) By what percent does this change in sales represent?