Economics

Assignment on: Economics Submitted by: XXX Date: What is the meaning of market equilibrium? Why everyone is not satisfied with the particular equilibrium point? Economy operates on the principles of demand and supply. To understand economy, economists analyze demand and supply trends. For the long-term economic growth, equilibrium in the demand and supply must be attained. An economy or market, without any equilibrium, is volatile and could be detrimental. Equilibrium, in any market or economy, is attained when supply meets demand or when supply equals demand. The reason, why not everyone is satisfied with particular equilibrium point, is this that most of the times it not just demand and supply, which determine quantity and price, there are other factors too, such as collective behavior. For instance, in shortages, market equilibrium could be achieved, but it would not be a true equilibrium. Discuss a benefit and a cost of raising the minimum wage to 10$/hr from its present $7/hr Minimum wage is determined and regulated by a government to ensure that capitalists do not exploit the working class. However, determining and regulating minimum wage is difficult and challenging, as it can benefit or detriment an economy. The raise in the minimum wage would increase the disposable income, which would augment the consumption. With the increased consumption, Aggregate Demand would shift to the right and consequently prices of products and services would increase. Increase, in prices, is an incentive for producers or manufacturers, which would increase investment. However, the increase in the minimum wage can also have detrimental effect as cost of production would increase with the increase in the minimum wage, consequently revenues of producers would diminish. The development may discourage producers. It is said that nation’s legal system is a public good. Does the legal system have the key characteristics of public good? Two characteristics, non-excludable and non-rivalrous, make a good a public good. The term non-excludable implies that it excludes no person or institution. Every person or institution can benefit from it or it can be applied to any person or institution. The term non-rivalrous means it is unique and has no substitute or alternative. These two characteristics are evident in the legal system of our nation. The law of state is applicable on all and there exists no exceptions. It is also non-rivalrous as state recognizes and acknowledges only one legal system. No other such system exists in country. A product has negative income elasticity. What does that measures tell us about the product? Income elasticity depicts the increase or decrease in the quantity demanded, with the increase or decrease in income. The positive and negative sign of income elasticity depicts the relationship between income and product, whereas the value of elasticity determines the volume of increase or decrease. If a product has negative income elasticity, this means that the product is an inferior good. The data reveals that the demand for the inferior good decreases with the increase in income. Define the law of Diminishing Marginal Utility, its significance. As per Law of Diminishing Marginal Utility, the utility or satisfaction declines, which a consumer derives from a product, as a consumer consumes more of that product, while keeping the consumption of other product constant. Law of Diminishing Marginal utility helps economists to understand the consumption pattern. In addition, with the decline in utility, for a particular product, the want for another product augments. If there existed no Law of Diminishing Marginal Utility, economic activity would have halted. The perpetual demand, for products, is yielded by the diminishing marginal utility. The advocates and promulgators of capitalist systems exploit Law of Diminishing Marginal Utility as an argument to prove Socialism and Communism inferior to capitalism. Which three costs are primarily used in economic decision-making? Marginal Cost curve, average variable cost cure and average total cost curves are three important cost curves, which are considered, while making an economic decision. Production is increased if Marginal Cost is less than Marginal Revenue and vice versa. Firm would continue to produce, as long Marginal Variable Cost is less than price. A firm would stop its production or it would halt its operations if Average Variable cost is greater than price.

Get Rewriting & Paraphrasing Help!

We have more than 1500 academic writers and we promise 0% plagiarism in your paper.

Paper's Detail

Category Business-to-Business Marketing
Paper Type APA
Reference Type Assignment
Words 701

Our Online Writers

Mathematics & Physics

237 Homework Orders Completed

5.0

online

Study Table

Australia

Dear respected Client, I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. …

Mathematics & Physics

207 Homework Orders Completed

5.0

online

Helping Door

Pakistan

Dear respected Client, I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. …

Business & Management

237 Homework Orders Completed

5.0

online

Homework Specialist

United Kingdom

I am an admired writer in all fields of writing with over 5 years of …

Order Your Homework Today!

We have over 1500 academic writers ready and waiting to help you achieve academic success

Private and Confidential

Yours all information is private and confidential; it is not shared with any other party. So, no one will know that you have taken help for your Academic paper from us.

Our Customers Rating

Order Now

Frequently Asked Questions

Private and Confidential

Client’s all information is private and confidential; it is not shared with any other party. Even, we don’t ask client name and give user name to his/her profile. So, no one will know that you have taken help for your Academic paper from us.

Payment Safeguard

We only accept PayPal as our payment method. It is 100% secure. As, We don’t take and store any Credit/Debit card information.

Plagiarism Free

It is guaranteed all your Homework/Assignments Solutions are plagiarism free and original. Writers here charge for their efforts not for Copy/Paste work and TOS management takes strict action against those writers.

Guaranteed Quality

All the writers working here are recruited and chosen after taking strict evaluation of their Academic degrees, Experience and background. Then, they are allowed to work here as providing quality homework solution is our first priority.

24/7 online Writers

Our website is worldwide forum, where 100s of experts all over the world remain online round a clock, so, you can come at anytime and get the help from any of your homework. Even Urgent within 1 hour!

Prices at TutorsOnSpot.com

Prices at tutorsonspot.com are very competitive and low. As, tutorsonspot.com is marketplace so, all the writers bid for getting the work and competition among the writers lowers the price and you get your work done at low minimal prices.

Guarantees

  • Our service provides you with original content that does not have plagiarism in it. We are renowned for providing our customers with customized content that is written specifically for them. If you are thinking, can someone help me with my research paper? You can depend on us to help you out.
  • Our motto is to meet deadlines and deliver your solution right on time.We understand that you want to save your time and we respect it. Regardless of the difficulty, we deliver an unparalleled solution without any delay. Moreover, you get a money back guarantee in case you are not satisfied with our service. To understand this guarantee, check our terms and conditions related to it.
  • We perform a detailed research when writing your paper. With all of our services, we ensure to perform extensive research before creating your solution. Furthermore, if you have any questions, just reach out to our customer service team that is available all the day.
  • It is our primary goal to satisfy you. Thus, if you are thinking: can someone write my research paper? Just contact us and get the best services that you can get.

Homework Questions in Business & Management

Best Service for the Struggling Students

Services For All Subjects

We have experienced tutors and assignment experts from all over the world for all subjects.

24/7 Live Writers

100's of qualified phd tutors round the clock.

Best Price Guarantee

Compare our price. Our services are of highest quality and lowest price, Guaranteed.

Plagiarism Free Work

Your information including personal details are safe with us.We have strict privacy policy.

Safe Payment Options

Pay using paypal though verified gateway for maximum safety, No risk.

100% Privacy Guaranteed

Scan our work with all plagiarism checking tools, Result will always be 0%.

Guarantee Your Academic Success!

Place an Order