ANSWER: Dependent Variable
EXPLANATION : Studying variables cause - effect relationship is an important part of Economics. Ex : Law of demand - price & demand relationship , Law of Diminishing Marginal Utility - quantity & utility relationship.
The relationships are determined in 'functional forms' with usually dependent variable on the left side & independent variable on the right side .
Dependent Variable is the one being affected by independent variable , independent variable impacts dependent variable .
Eg : Micro Economics 'Law of demand' implies price inverse impact on demand , price increase - demand decrease , price decrease - demand increase.
So demand function is : Qd = A - bP ; where Qd & P are quantity demanded & price , A is autonomous demand , -b is change in demand due to change in price (negative because of inverse relationship)
Similarly Macro Economics 'Consumption Function' reflecting positive relationship of Income on Consumption is :
C = A + bY
Both the illustrations have shown how dependent variables - Demand & Income are on left side of the Function .
Answer:
variable costs; diminishing marginal returns
fixed costs; do not change
Explanation:
Variable costs are costs that changes with the level of output. If output increases, variable cost increases and if output falls,it falls. Examples of variable costs are wages, cost of production materials etc.
Fixed cost don't vary with production. Example rent.
They do not increase or decrease with production.
I hope my answer helps you
Answer:
The correct answer is option B.
Explanation:
The private benefit can be defined as the benefit earned by the consumers of a good or service from the consumption of that good or service.
The social benefit includes both private benefits as well as any external benefit involved in the consumption of a good or service. It is the total benefits earned from consuming the good or service.
The external benefits can also be called an externality. It is the benefit earned by a third party due to activities it is not involved in. External benefit makes social benefit greater than private benefit.
Answer:
"E "
Explanation:
Just in time inventory is an inventory management system where inventory required for production are ordered at the point of production.
This practice helps to maximize profit as investment on inventory carriage and storage are minimized , aiding an improved working capital management.
It is of importance that machine break down is avoided and there is a reliability of man power in order to avoid operation down time when there is a demand.
Also , there must be a solid arrangement with supplier for it to be effective.
There's an obvious answer... high risk; ergo high return.