Answer: c. The median pay of economics majors increased more in dollar terms than any other majors in 2015.
Explanation:
According to research by several job websites, Economics majors saw their wages increase more than other majors in terms of dollar terms in 2015.
This has been attributed to the Economics field needing more specialization as most entry level economics jobs require at least a masters in the field. While there does not seem to be any reason for this, it is theorized that the need for Economists has been on the rise as economies become more uncertain.
Answer:
An elastic demand curve will result in higher social surplus. Social surplus equals consumer surplus plus supplier surplus, or simply total surplus. The highest possible social surplus is reached at the equilibrium point.
If a product's demand is completely inelastic, the supplier can increase the price at will, reducing consumer surplus to minimum levels. If a product's demand is completely elastic, then consumer surplus increases while supplier surplus is directly related to shifts in the demand. Higher demand increases supplier surplus.
Answer:
Increased pressure for conformity to the various communities causes. Speical interest groups such as PETA or various Climate change special interest groups might call out a company for not doing enough to combat their adverse impact and might result in BAD publicity. So companies give into their corporate social responsibilites.
Explanation:
Answer:
The correct answer is: in all decision making.
Explanation:
Economic analysis is used in all walks of life, in decision making. It is not only relevant for policymaking or in business or for students. Rather, it is used in day to day life as well.
Almost all the decision we make is based on cost-benefit analysis. It used by households and individuals for utility maximization. It is used by businesses for profit maximization and is used by policy makers for welfare maximization.