Economics Homework Answers & Questions

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  • Waiting for answer How do you calculate opportunity costs?

    Opportunity cost is your next best option in a choice you make.

  • Waiting for answer What is structural unemployment?

    Structural unemployment is the unemployment caused by a mismatch between the skills of workers and the jobs available to those people. A very common example is if a natural disaster...

  • Waiting for answer How might one calculate the elasticity of supply?

    To calculate the price elasticity, we need to know what the percentage change in quantity supply is and what the percentage change in price is. The formula used to calculate the percentage change in quantity supplied is: [QSupply(NEW) - QSupply(OLD)] / QSupply(OLD) [Price(NEW) - Price(OLD)] / Pric...

  • Waiting for answer How does the law of diminishing returns affect a firm's cost...

    In economics, diminishing returns refers to production in the short run (also called diminishing marginal returns) is the decrease in the marginal output of a production process as the amount of a single factor of production is increased, while the amounts of all other factors of production stay con...

  • Waiting for answer What is the difference between demand-pull inflation and cos...

    Inflation may be due to increased demand or due to a rise in the cost of raw materials. An increase in demand for goods and services creates an inflationary pressure. At a given time, the quantities of goods and services available may not be able to match an unexpected increase in demand. Sellers...

  • Waiting for answer Explain why production possibility curve is concave?

    Because of increase in MRS...i.e Marginal Rate of Substitution. MRS is a process which says,"the amount of Good Y a consumer is willing to give up for one more unit of Good X." It i...

  • Waiting for answer Why are marginal revenue and price the same? Explain.

    Because, in a perfect competition market, the price does't decrease when the producers sells more units. Therefore, the firm earns the market price for each unit sold. This concept o...

  • Waiting for answer Is it possible for a monopolistic firm incur losses in the s...

    A monopoly could theoretically earn negative profits in the short run, due to shifting demand -- but in the long run, such a firm would shut down, and therefore no monopoly would exist....

  • Waiting for answer Why is there deadweight loss with monopolistic competition?

    Monopolistic competition creates a DWL because firms have market power. Like a monopoly, firms in monopolistic competition have market power. That is, they are price searchers or pri...

  • Waiting for answer Why is price elasticity of demand always negative?

    Price of demand(PED) is always negative because price of commodity and demand for that commodity has inverse relationship. We know, ## PED = " %change in quantity"/" % change in pr...

  • Waiting for answer How do u find marginal revenue?

    Marginal Revenue is the difference between present total revenue and the previous total revenue. It is an addition made to the total revenue. Marginal Revenue is the additional reve...

  • Waiting for answer What is an oligopoly?

    Oligopoly is a market situation in which there are few sellers competing against each other, using price/product differentiation as their tools to gain marketshare . The main attribute of oligopoly firms is that, similar to monopoly situations, the ability to enter the market (telecoms or motor m...

  • Waiting for answer What is seasonal unemployment?

    Seasonal unemployment happens when people are unemployed at certain times of the year, because their industries dont needed them all year round. For example in Greece people are needed in hotels,restaurants, during the summer time.After the summer period they are unemployed.

  • Waiting for answer What is macroeconomics?

    Macroeconomics is the study of large-scale economic systems. It is a branch of economics that focuses on the general features and processes that make up a national economy and the wa...

  • Waiting for answer What are examples of public goods?

    Fireworks display and light house are good examples. Public goods involves the types of goods with two properties 1. non Excludable( there are no boundaries as to who should use the...

  • Waiting for answer How does the law of diminishing marginal returns affect outp...

    By increasing marginal costs higher than it would have been without the fixed factor being fixed. The law of diminishing returns or in a broader way, the law of variable proportions, says that with one factor fixed, you to produce increase the output by one unit, the marginal unit, must increase th...

  • Waiting for answer Why is it possible that negative externalities lead to ineff...

    With , private marginal cost distorts resource allocation by understating true social cost. I created a graph here to illustrate the problem. In the graph note that true marginal...

  • Waiting for answer What are the differences between the income approach and exp...

    The basic difference between the two is in terms of the components included in the measurement of GDP. The EXPENDITURE APPROACH includes the expenditures incurred by various economic agents involved in production and consumption. Recalling the fundamental national income identity : Y = C + I + G...

  • Waiting for answer How do bonds work that a firm issues in an economy?

    Bonds are nothing more than I.O.Us or debt notes A firm planning an expansion and short of funds has two possibilities to raise the necessary cash. To dilute ownership by augmenting...

  • Waiting for answer How can negative externalities be internalized?

    There are 2 ways to internalized an , the first one is to define better property rights, and the second entrepreneurial creativity. In thecase of mal-defined property rights, we have what is called the tragedy of the commons, when people using a resource resource impose costs on another, for exampl...

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