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Answer This And 2 Others For 10k, Students Only / Help Me To Solve This Macro Economics Question. / Economics Questions, Kindly Answer (2) (3) (4)
Kindly Answer This Economics Question by menzo4u: 6:52pm On Jul 07, 2015 |
For the students |
Re: Kindly Answer This Economics Question by menzo4u: 7:14pm On Jul 07, 2015 |
Waiting for Nairaland great Economists |
Re: Kindly Answer This Economics Question by afonomics(m): 7:43pm On Jul 07, 2015 |
you care about the goods to produce majorly because, there is scarcity of resources. therefore, you hv to produce goods whose opportunity cost is lower. There are other numerous reasons... |
Re: Kindly Answer This Economics Question by menzo4u: 7:58pm On Jul 07, 2015 |
afonomics: Bravo! God bless and increase you in knowledge bro. Please, like what other reasons (PLEASE)? |
Re: Kindly Answer This Economics Question by demmy0325(m): 8:01pm On Jul 07, 2015 |
afonomics:.. ![]() |
Re: Kindly Answer This Economics Question by menzo4u: 8:07pm On Jul 07, 2015 |
demmy0325:Do you have any contrary answer please? |
Re: Kindly Answer This Economics Question by menzo4u: 8:12pm On Jul 07, 2015 |
More answers please....Economists in the house!!! |
Re: Kindly Answer This Economics Question by proficienc(m): 8:26pm On Jul 07, 2015 |
It's basically because resources are limited and there are choices to be made and opportunities to forgo. We have done your assignment for you now ![]() |
Re: Kindly Answer This Economics Question by menzo4u: 8:29pm On Jul 07, 2015 |
proficienc:Thanks. I appreciate your contribution, hope you won't mind helping in this regard some other time? |
Re: Kindly Answer This Economics Question by proficienc(m): 8:34pm On Jul 07, 2015 |
menzo4u:Sure if u can find the time. |
Re: Kindly Answer This Economics Question by afonomics(m): 8:43pm On Jul 07, 2015 |
[quote author=menzo4u post=35601955] Bravo! God bless and increase you in knowledge bro. Please, like what other reasons (PLEASE)?[/quote you can as well care about wat goods to produce from the point of view of the demand for the good. you will want to produce good whose demand in elastic unlike good whose demand is inelastic. |
Re: Kindly Answer This Economics Question by afonomics(m): 7:01am On Jul 08, 2015 |
Rather...
whose demand inelastic unlike good whose demand is elastic |
Re: Kindly Answer This Economics Question by proficienc(m): 2:05pm On Jul 08, 2015 |
afonomics:Elementarily, you were right the first time. IF the demand for a certain good is elastic, it means it respond to variation in price. Hence, with the right price people would increase their demand. Inelastic demand on the other hand,means demand is price resistant. As such people would demand the same irrespective of the price. The debate on this is far from being concluded... So you are correct in a way |
Re: Kindly Answer This Economics Question by afonomics(m): 6:12pm On Jul 08, 2015 |
proficienc: Nice one. This is d reason y economics remains one of the most interesting course. However, from this point of view, a producer will want to produce good whose demand is inelastic because, if d producer increases d price of d good, consumer will not have any option dan to buy d same quantity at the increased price cos d good is inelastic (same quantity even wit change in price). This will not affect d producer as he will even b able 2 .make more profit without loosing consumer... |
Re: Kindly Answer This Economics Question by proficienc(m): 6:21pm On Jul 08, 2015 |
afonomics:Very correct! Goods that has inelastic demand are basically good of necessity or goods produced by a monopoly. There aren't many of them around. 1 Like |
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