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How is the MPC related to the consumption function?
It is connected by the formula(consumption function) C =A+MD where C = Consumer spending A=Autonomous consumption M=Marginal Propensity to consume D=real disposable income
What are vanishing marginal and how is this related to hyper pluralism?
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What does Omnisexual mean?
involving, related to, or characterized by a diverse sexual propensity.
Example of the law of diminishing marginal productivity?
The law of diminishing marginal product states that as a firm uses more of a variable resource with a fixed resource and fixed technology, the marginal product of the variable resource will fall. From related site.
What does complementary goods usually have?
They are related to each other in that in order to consume one you must consume the other, in other words, they are consumed together.
If marginal revenue is less than average revenue will the demand curve be downward sloping?
This question reflects a fundamental misunderstanding of supply and demand. Marginal revenue and average revenue are related to a firm's cost function, and are thus connected to SUPPLY. They have nothing to do with a demand curve in classical economics, which is the marginal benefit to the CONSUMER of being in the market.
How the slope of the demand curve can be explained by the principle of marginal utility?
The demand curve is negatively sloped because it is based on the principle of marginal utility and this utility decreases as consumption increases. The demand price which depends on the marginal utility of a good also declines as consumption increases, so quantity and price are inversely related, leading to the negative curve and the law of demand.
Does a rhino live on its own?
Rhinoceroses (plural form) or Rhinos live in groups. The group is called "a crash", which when you think about it is a humorous term given their size and propensity for charging. See Related Link.
What are a rabbit's weaknesses?
In terms of physical weaknesses, a rabbit has poor frontal eyesight, the 15 degrees directly in front of them are not covered by their vision. Rabbits also have a propensity to health problems related to their complicated GI system.
How is a perfectly competitive firms marginal cost curve related to its supply curve?
a perfectly competitive firms supply curve will be the portion of the marginal cost curve which lies above the average variable cost curve (AVC)..this will be due to the firms unwillingness to supply below the price in which they could cover their variable costs
How is the state of one liver related to alcohol use?
the liver filters things that you consume so it filters the toxins out of the alcohol
What importance are average cost and marginal cost in economic analysis?
Average cost: determines the accounting profit maximisation and minimal point where the firm can remain profitable. Marginal cost: determines economic profit maximisation and minimal 'shut-down' point where the firm should still operate, even if at an accounting loss. Note: Average cost (AC) and marginal cost (MC) are related. The rate of change of AC is always positive when MC is positive.
