Educationist

1.       The Fundamental concept of Economics about resources is that the resources are a.        Equally Ditributed      b. Unequally Distributed       c. Scarce d. Unlimited 2.       Consider a world without scarcity of resources. Then what would be the consequences a.        All Prices would be zero b. Market would be Unnecessary C. Economics would be No longer useful Subject     D. All of these 3.   who is consider the Founder of Micro Economics a. Adam Smith   b. john Keynes c. Friedrich      d. Friedman 4.   who is consider the Founder of Macro Economics a. Adam Smith   b. john Keynes c. Friedrich      d. Friedman 5.   When Analyzing the impact of a Var...

  What's a supply curve? It's the curve that shows how much of a good the firm's willing to supply at each price of the good. Here's the table showing the marginal cost to producing another Golden Snitch at each level of production from earlier when the prices snitches was $30 the firm shows to produce eights Snitches this is the point at which price equals marginal cost. See The Graph Where the x-axis is quantity and the y-axis is price if the price were different the firm would make a different choice. The price of a snitch was $10 for the marginal cost to be equal to the price and profit to be maximized.  The firm would need to produce six snitches and if the price is $20 the firm would want produce seven snitches to get marginal costs equal to price maximizing profit. We can do the same thing for prices of $4 and $50 and we can connect the dots to include intermediate prices like $13 and 4750 each of these points on the curve captures the answer the firm gets the fo...

  Supply: The total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices . Stock: A supply curve shows how much of a good suppliers are willing and able to supply at different prices. As with the demand curve, there's a supply curve for every good and service. And again the ideas are the same. so the supply curve for oil. We see an intuitive relationship between price and the quantity supplied. As the price goes up, the quantity of oil that companies are willing to supply increases. In this example, in a low price, $5 per barrel, let's say 10 million barrels of oil are supplied per day. At $20 per barrel, 25 million barrels are supplied, and at $55 per barrel, 50 million barrels are supplied. So in general, a higher price means a greater quantity supplied. Oil exists all over the world, but it's not equally easy to extract. In some pla...