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.

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

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