The fundamental purpose of production is to: A. earn high profits. B. increase exports. C. fulfil government plans. D. meet human wants. E. employ factors of production.

/in /by

The fundamental purpose of production is to:
A. earn high profits.
B. increase exports.
C. fulfil government plans.
D. meet human wants.
E. employ factors of production.

You might also like
You are told that cabbage is an inferior good. This implies that A. the income elasticity is infinity. B. the income elasticity will be negative. C. the income elasticity will be greater than 1. C. the income elasticity is greater than 0 but less than 1.
State the Walras’ law and demonstrate that the value of aggregate excess demand is zero for all prices.
You are selling a product in an oligopoly market. What factors would motivate you to collude with other firms in the market?
If the consumer is spending all his budget on Y and X when B=36;P(price) of X is 2 and P(price) of Y is 6 find the budget constraint equation
If a maximum price is set below the equilibrium price, A. there will be a shortage. B. sellers will find it difficult to find willing buyers. C. market equilibrium will occur in spite of government regulation. D. all buyers will be able to purchase their desired quantities.
Graphically explain: a) The effect of increase in price of Y on the budget line when price of X and income are constant. b) The effect of decrease in price of Y on the budget line when price of X and income of the consumer remain constant.
Why Marginal Utility MUy of XY + 2X equals X
What is the law of diminishing marginal product?(3 marks) a. In which stages of production it manifest. b. What is the logical justification for the law of diminishing marginal product