For the students

Waiting for Nairaland great Economists

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...

afonomics:
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...

Bravo! God bless and increase you in knowledge bro.

Please, like what other reasons (PLEASE)?

afonomics:
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...

.. ..

demmy0325:
.. ..

Do you have any contrary answer please?

More answers please....Economists in the house!!!

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

proficienc:
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

Thanks. I appreciate your contribution, hope you won't mind helping in this regard some other time?

menzo4u:

Thanks. I appreciate your contribution, hope you won't mind helping in this regard some other time?

Sure if u can find the time.

[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.

Rather... whose demand inelastic unlike good whose demand is elastic

afonomics:
Rather...
whose demand inelastic unlike good whose demand is elastic

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

proficienc:

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

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...

afonomics:


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...

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.