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Cardinal utility theory assumes that consumers can (A) rank baskets of goods as to their preference. (B) determine the number of utils that can be derived from consuming all goods. (C) determine the marginal rate of substitution between goods. (D) avoid the law of diminishing marginal utility.
Which one of the following statements about economic sectors of employment is true? (1) The primary economic sector is concerned solely with primary school education. (2) A relatively low percentage of people in developed countries work in the primary sector. (3) The secondary economic sector is primarily concerned with agricultural activities. (4) The tertiary economic sector is found exclusively in developing countries. (5) Services contribute hugely to the GDP in most developing countries.
If apples and pears are substitutes in consumption, then a disease that affects apple trees will most likely _____ A. increase the price of apples and reduce the price of pears. B. reduce the price of both apples and pears. C. reduce the price of apples and increase the price of pears. D. increase the price of both apples and pears.
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
If the government imposes a minimum wage at a level above the labour market's equilibrium wage, [1] the quantity demanded of labour will be greater than the quantity supplied. [2] the quantity demanded of labour will be less than the quantity supplied. [3] anyone who wants a job at the minimum wage will be able to find one. [4] employers will face a shortage of willing workers.
Determine optimalvalues of X1 and X2 using the langarian method X1=30 ,X2=10
Consider a consumer who wants to consume only two commodities and has an income of $100. Assume the price of good 1 is $10 per unit and the price of good 2 is $20 per unit. Now, inflation causes the price of good 1 to increase to $20 per unit, while the price of good 2 increases to $25 per unit. On the other hand, the consumer also gets a raise of $100 (so her new income is $200). Is she better off or worse off?
The Long-run production function is given by; Y = 180 L1.2 K1.8 Where, Y = Output (mt/day), L = Labour (hours/mt) K = Capita (Rs/mt) a) Calculate Marginal Product of Labour (MPL) and Marginal Product of Capital (MPK), if L=12 and K=20 b) Derive the equation for Isoquent and graphically show it by assuming L= 10, 15, 20 25 and 30. c) Determine factor intensity and returns to scale of this production function. d) Prove that the elasticity of labour is 1.2 and elasticity of capital is 1.8