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Yogita Ingle 6 years ago
Resources such as land, labour and capital are limited in relation to their demand and economy cannot not produce all that people required to satisfy themselves. This is why the existence of economic problems in an economy. Scarcity is universal which is applicable to all individuals, institutions and economy as a whole. If there is abundant or sufficient resources then there will not be any problem in an economy. Hence, scarcity leads to economic problem.
Posted by ꧁Gสᴍe CђสNger꧂ 6 years ago
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Yogita Ingle 6 years ago
(i) Increase in input prices: Change in price of raw material and remuneration of factors, (rent, wages, interest and profit) influence the cost of production of a commodity and thereby its supply. An increase in price of inputs, will increase the cost of production leading to a reduction in profit. This will make the producer reduce the supply of the commodity, shifting the supply curve to the left.
(ii) Reduction in per unit tax: Government levies various taxes on production of goods, e.g., excise duty, etc. Such taxes influence supply because it adds to the cost of production. Reduction in per unit tax levied by the government will decrease the cost of production and increase supply by the firms due to higher profit margins. In this case the supply curve will shift towards the right.
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Yogita Ingle 6 years ago
An indifference curve is a graphical representation of a combined products that gives similar kind of satisfaction to a consumer thereby making them indifferent.Every point on the indifference curve shows that an individual or a consumer is indifferent between the two products as it gives him the same kind of utility.
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Yogita Ingle 6 years ago
The nature 'U' shaped short-run Average Cost curve can be attributed to the law of variable proportions. ... Thus, the Average Costs of the firms continue to fall as output increases because it operates under the increasing returns due to various internal economies.
It's a U-shaped curve. Initially, the variable cost per unit of output decreases as output increases. ... After the low, the variable cost per unit of output starts to increase. The increase in AVC after a certain point is indirectly related to the law of diminishing marginal returns
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