A Microeconomics Student Preparing For An Examinat PDF

Title A Microeconomics Student Preparing For An Examinat
Author Sebastian Stan
Course Data Comm & Networking
Institution State University of New York at Canton
Pages 3
File Size 232.1 KB
File Type PDF
Total Downloads 15
Total Views 135

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A microeconomics student preparing for an examination should not study after reaching diminishing returns.

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As we know that Economics is a social science which studies the human behavior as a relationship between unlimited wants and limited means that have alternative uses. The subject matter of Economics revolves around the wants that needs efforts and these will lead to satisfaction. As we know that use of goods and services to satisfy wants is termed as consumption. When we consume more and more of a particular good than the Marginal utility from the each additional good is diminishing

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There are two branches of economics as microeconomics and Macroeconomics. When a student is continuously studying for the exams than a student needs not to study more than what satisfy his wants.

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Q: 3.(12 points) Suppose labor is a variable input and capital is a �xed input, and consider a �rm's short-run average average variable, and marginal cost curves. (i) What geometric relationships hold among these three curves? Illustrate with a diagram with all three curves. (6 points) (ii) How would these curves be affected by an increase in the wage rate paid to labor... A: See answer Show more

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